KSE-100 index gains 62 points in narrow range trading

KSE-100 index gains 62 points in narrow range trading

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 62 points on Thursday in a narrow range trading activity.

The index closed at 47,962 points as against previous day’s closing of 47,901 points, showing an increase of 62 points.

Analysts at Arif Habib Limited said that the market continued trading in a narrow range, whereby investors kept booking profit post budget announcement and especially in the roll-over week.

Banking sector stocks inched up which helped the index prop up, however, selling pressure in Technology, Refinery, Cement sector stocks kept the upside of index in check.

During the session, the index made gains of 218 points and closed the session +73 points (unadjusted). Among scrips, WTL led the table with 97.4 million shares, followed by PACE (35.6 million) and SILK (33.7 million).

Sectors contributing to the performance include Power (+32 points), Banks (+24 points), Cement (+16 points), Technology (-25 points) and Refinery (-11 points).

Volumes increased from 619.1 million shares to 637.3 million shares (+3 per cent DoD). Average traded value, on the contrary, declined by 13 per cent to reach US$ 103.5 million as against US$ 118.3 million.

Stocks that contributed significantly to the volumes include WTL, PACE, SILK, TPL and GGGL, which formed 34 per cent of total volumes.

Stocks that contributed positively to the index include HUBC (+27 points), UBL (+21 points), DAWH (+10 points), GLAXO (+10 points) and HBL (+9 points). Stocks that contributed negatively include TRG (-32 points), MCB (-11 points), ENGRO (-6 points), NRL (-5 points) and BAFL (-5 points).

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