PSX welcomes new fiscal year with 445 points gain

PSX welcomes new fiscal year with 445 points gain

KARACHI: The stock market gained 445 points on Thursday as buying activities were observed on the first day of the fiscal year 2021/2022.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,801 points as against previous day’s closing of 47,356 points, showing an increase of 445 points.

Analysts at Arif Habib Limited said that the market performed well on the first day of FY22, adding a total of 487 points on the board and maintained the momentum by session’s end, closing +445 points.

Profit booking by institutions in the past couple of sessions in the wake of closing FY21 with decent returns, left the institutions with deployable funds that will likely route back to equities in the coming days.

Buying activity was observed across the board with Technology, Cement and Banking stocks contributing the most. Positive news trigger on economic front, including textile sector posting healthy export growth kept the momentum alive.

Among scrips, WTL topped the volumes with 198.7 million shares, followed by SILK (51.4 million) and TPL (48.2 million).

Sectors contributing to the performance include Cement (+102 points), E&P (+67 points), Textile (+41 points), Chemical (+34 points) and Fertilizer (+29 points).

Volumes increased from 549.6 million shares to 760.01 million shares (+38 per cent DoD). Average traded value also increased by 2 per cent to reach US$ 103 million as against US$ 101 million.

Stocks that contributed significantly to the volumes include WTL, SILK, TPL, HUMNL and PACE, which formed 48 per cent of total volumes.

Stocks that contributed positively to the index include LUCK (+65 points), PPL (+30 points), COLG (+22 points), NML (+21 points) and HBL (+19 points). Stocks that contributed negatively include MCB (-12 points), BAFL (-11 points), TRG (-7 points), ABL (-6 points) and PKGS (-5 points).

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