Share market continues gaining momentum, up by 329 points

Share market continues gaining momentum, up by 329 points

KARACHI: The share market continued gaining momentum and increased by 329 points on Friday, analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,331 points as against 37,001 points showing an increase of 329 points (+0.9 percent DoD).

Market realized a gain of +353 points during the two session and closed the day at +329 points. HASCOL turned out to be the head turner, despite posting a loss of 25B the stock ended the session in green with a volume of 87.2 million shares.

Refinery sector saw NRL and PRL hitting upper circuit after news of recent disruption in oil supplies and similar performance was observed in other Refinery stocks. Banking sector stocks remained muted throughout the session. Steel sector also performed on the back of expectation of an increase in steel prices.

O&GMCs posted highest volumes of 92.9 million shares courtesy of HASCOL, and was followed by Chemical (52.9 million) and Technology (39.2 million). Among scrips, LOTCHEM (24.8 million) and UNITY (22.1 million) followed HASCOL.

Sectors contributing to the performance include Inv Banks (+60 points), Fertilizer (+52 points), Power (+40 points), Chemical (+35 points) and Autos (+26 points).

Volumes increased further from 402.6 million shares to 466.1 million shares (+16 percent DoD). Average traded value however declined by 2 percent to reach US$ 94.6 million as against US$ 96 million.

Stocks that contributed significantly to the volumes include HASCOL, LOTCHEM, UNITY, MLCF and TRG, which formed 35 percent of total volumes.

Stocks that contributed positively to the index include DAWH (+58 points), ENGRO (+48 points), HUBC (+42 points), THALL (+20 points) and PAKT (+15 points). Stocks that contributed negatively include HBL (-14 points), EFUG (-8 points), PPL (-6 points), EFERT (-6 points), and OGDC (-5 points).