Share market gains 118 points as auto sector performs

Share market gains 118 points as auto sector performs

KARACHI: The share market gained 118 points on Friday as positive sentiments were seen in auto sector. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 48,212 points as against previous day’s closing of 48,094 points, showing an increase of +118 points.

Analysts at Arif Habib Limited said that the market maintained positive momentum today with auto sector performing to its best and helped maintain bullish trend for the market.

Auto sector performed on the back of expectation of an increase in the number of auto sales.

Cement and Steel sector stocks rallied as well, helping put a total of +333 points and closed the session +118 points. E&P, O&GMCs and Fertilizer sector stocks also contributed to the positivity in the Index.

Technology sector saw NETSOL performing well, whereas other tech stocks bore selling pressure. Among scrips, WTL led the table with 89 million shares, followed by HASCOL (78.7 million) and BYCO (54.3 million).

Sectors contributing to the performance include Autos (+35 points), O&GMCs (++25 points), E&P (+23 points), Pharma (+23 points) and +14 points).

Volumes declined from 889.9 million shares as against 867.3 million (-3 percent DoD). Average traded value also declined by 16 percent to reach US$ 171.9 million as against US$ 204.5 million.

Stocks that contributed significantly to the volumes include WTL, HASCOL, BYCO, FCSC and PTC, which formed 35 percent of total volumes.

Stocks that contributed positively to the index include UBL (+16 points), GLAXO (+14 points), HCAR (+13 points), HASCOL (+12 points) and PSMC (+12 points). Stocks that contributed negatively include BAHL (-25 points), PSX (-11 points), MEBL (-9 points), KTML (-8 points) and COLG (-7 points).

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