KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 241 points on Wednesday on better earning hopes in listed entities.
The index closed at 47,377 points as against 47,135 points showing, an increase of 241 points.
Analysts at Arif Habib Limited said that the market gained close to 500 points during the session.
Sentiment was buoyant on the expectation of healthy earnings by key listed entities which helped propped up the market.
Besides, incentives issued in favour of technology firms and finance minister’s notice regarding inquiry against stock brokers also helped develop positive sentiment.
Banks, O&GMCs, Cement, Power and Technology stocks performed well.
Refinery sector also performed well due to anticipation of refinery policy being finally put to approval of Cabinet.
Among scrips, GGL led the volumes with 27.6 million shares, followed by WT (26.7 million) and EPCL (25.9 million).
Sectors contributing to the performance include Technology (+99 points), Power (+26 points), Fertilizer (+24 points), Autos (+17 points) and Pharma (+15 points).
Volumes increased from 370 million shares to 382.6 million shares (+3 per cent DoD). Average traded value also increased by 29 per cent to reach US$ 95.8 million as against US$ 74 million.
Stocks that contributed significantly to the volumes include GGL, WTL, EPCL, BYCO and TELE, which formed 31 per cent of total volumes.
Stocks that contributed positively to the index include TRG (+77 points), HUBC (+27 points), ENGRO (+26 points), SYS (+24 points) and INDU (+22 points). Stocks that contributed negatively include BAHL (-15 points), MCB (-9 points), EFERT (-6 points), CHCC (-5 points) and FABL (-5 points).
