KARACHI: The share market gained 181 points on Wednesday as buying activity witnessed during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) Index closed at 43,088 points as against previous day’s close of 42,907 points showing an increase of 181 points.
Analysts at Arif Habib Limited said that after posting a loss of around 1200 points since last Friday, market moved cautiously taking cue from stability in international crude oil prices as well as renewed buying activity in Cement sector scrips that added a total of 309 points during the session and closing +181 points.
Besides Cement, Investors opted for Banks (HBL), O&GMCs (PSO), E&P (OGDC & PPL) and Engineering / Steel (ISL, INIL) that helped stage recovery in Index.
Rollover week will end tomorrow, however, the pertinent scrips (UNITY, TRG and NETSOL) have largely covered ground to cause any concern. Among scrips, PRL topped the volumes with 26.9 million shares, followed by MLCF (17.7 million) and TRG (16.2 million).
Sectors contributing to the performance include Cement (+81 points), Autos (+19 points), Engineering (+18 points), Banks (+17 points) and Insurance (+17 points).
Volumes declined from 561.8 million shares to 378.9 million shares (-33 percent DoD). Average traded value also declined by 22 percent to reach US$ 110.5 million as against US$ 140.9 million.
Stocks that contributed significantly to the volumes include PRL, MLCF, TRG, ICIBL and UNITY, which formed 24 percent of total volumes.
Stocks that contributed positively to the index include MLCF (+21 points), HBL (+20 points), LUCK (+18 points), ENGRO (+18 points) and CHCC (+13 points). Stocks that contributed negatively include MARI (-17 points), KTML (-10 points), POL (-10 points), FFC (-10 points) and MEBL (-9 points).
