KSE-100 index gains 486 points on healthy corporate earnings

KSE-100 index gains 486 points on healthy corporate earnings

KARACHI: The stock market gained 486 points on Tuesday on health corporate results, analysts said. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,400 points from last day’s closing of 44,914 points, showing an increase of 486 points.

Analysts at Arif Habib Limited said that the market went up by 645 points during the session and closed the session +459 points on account of a host of corporate result announcements scheduled for today.

Although the results of key companies posted healthy growth, the pertinent stock prices did not respond in the same fashion.

Among the key results announced at the bourse today were HBL, ISL, ASL, MEBL however, the price performance remained muted. ASL on the other hand went down post announcement due to selling pressure.

Govt.’s resolution of the law and order situation regarding TLP somewhat allayed Investors fear. Technology stocks, particular TELE and TRG helped change the sentiment tide early on, when TRG announced material information regarding one of its subsidiaries, which resulted in the scrip showing bids at upper circuit in the pre-open session. Among scrips, WTL led the table with 56.6 million shares, followed by UNITY (30.6 million) and GGL (24.6 million).

Sectors contributing to the performance include Technology (+121 points), Banks (+78 points), Cement (+37 points), Fertilizer (+35 points) and Textile (+26 points).

Volumes dipped from 363 million shares to 343.3 million shares (-6 percent DoD). Average traded value however, increased by 10 percent to reach US$ 92.9 million as against US$ 84 million.

Stocks that contributed significantly to the volumes include WTL, UNITY, GGL, TRG and TELE, which formed 42 percent of total volumes.

Stocks that contributed positively to the index include TRG (+124 points), HBL (+36 points), UNITY (+25 points), LUCK (+21 points) and COLG (+20 points). Stocks that contributed negatively include MARI (-12 points), EPCL (-11 points), MCB (-7 points), POL (-6 points) and NRL (-3 points).