KARACHI: The stock market gained 197 points on Wednesday owing to fresh flows from investors into energy chain on back of release of funds from the government.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,160 points as against previous day’s close of 45,964 points showing an increase of 197 points.
Analysts at Arif Habib Limited said that the market traded in the positive zone for good part of the session in excitement of Senate Elections.
Besides, energy chain remained recipient of fresh flows from investors on the back of release of funds from Government in conclusion of deal with IPPs.
Other than Banks and E&P stocks, overall market saw price gains especially Cement, Steel, O&GMCs, Refineries and Power Sectors. Among scrips, ANL topped the volumes with 32 million shares, followed by TRG (27.6 million) and BYCO (27.4 million).
Sectors contributing to the performance include Cement (+55 points), Engineering (+26 points), O&GMCs (+24 points), Power (+20 points) and Autos (+17 points).
Volumes increased from 399.1 million shares to 403.7 million shares (+0.7 percent DoD). Average traded value also increased by 2 percent to reach US$ 149.6 million as against US$ 146.2 million.
Stocks that contributed significantly to the volumes include ANL, TRG, BYCO, PRL and ASL, which formed 32 percent of total volumes.
Stocks that contributed positively to the index include MCB (+23 points), INIL (+21 points), DAWH (+16 points), MEBL (+16 points) and SNGP (+15 points). Stocks that contributed negatively include HBL (-35 points), UBL (-20 points), PPL (-7 points), POL (-6 points) and SCBPL (-6 points).
