KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 295 points on Tuesday on expectations of supportive measures to be announced in upcoming budget 2021/2022.
The 1ndex closed at 48,191 points as against previous day’s closing of 47,896 points, showing an increase 295 points.
Analysts at Arif Habib Limited said that the market remained upbeat today in anticipation of budgetary measures, which was further supported by an uptick in international crude prices courtesy of Brent that crossed US$ 70/bbl.
The index added a total of 341 points during the session.
O&GMCs and Power sector took turns on the back of release of payments due from the government on account of circular debt, however, no news came to fruition.
E&P sector contributed to the upside in Index on the back of positivity in crude oil prices, whereas Fertilizer sector added points to the table on budget incentives. Among scrips, WTL topped the volumes with 353.9 million shares, followed by BYCO (94.1 million) and SILK (86.1 million).
Sectors contributing to the performance include E&P (+83 points), Fertilizer (+57 points), Power (+25 points), Pharma (+23 points) and Textile (+17 points).
Volumes declined from 1,412 million shares to 1,392 million shares (-2 percent DoD). Average traded value also declined by 5 percent to reach US$ 207.4 million to US$ 197.29 million.
Stocks that contributed significantly to the volumes include WTL , BYCO, SILK, PTC and PIBTL, which formed 46 percent of total volumes.
Stocks that contributed positively to the index include ENGRO (+41 points), PPL (+39 points), LUCK (+22 points), HUBC (+22 points) and OGDC (+21 points). Stocks that contributed negatively include MEBL (-13 points), SNGP (-10 points), PSO (-10 points), FCCL (-8 points) and TRG (-8 points).
