Share market gains 127 points amid hydrocarbon discovery

Share market gains 127 points amid hydrocarbon discovery

KARACHI: The share market gained 127 points on Tuesday as energy scrips witnessed improved trading after hydrocarbon discovery announced by POL.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,745 points as against 36,619 points showing an increase of 127 points.

Analysts at Arif Habib Limited said that the market realized a second consecutive day with +460 million volume and in the process posted a gain of 317 points during the session taking the KSE100 index to a recent time high of 36,936 points.

Highlight of the day turned out to be PPL, which realized high trading volume and after initial trades at below LDCP, the price spiked significantly. Despite international crude prices facing a down day, E&P scrips (PPL and POL) posted decent gains.

POL also announced a hydrocarbons discovery that took the stock price trading near upper circuits. Profit booking was mainly observed in Cement sector throughout the day, and similar pressure was observed in E&P stocks that brought the Index to close +127 points.

Cement sector posted highest traded volumes of 51.9 million shares, followed by Power (48.1 million) and Cable (37.9 million). Among scrips, KEL topped the volumes with 39.2 million shares, followed by PAEL (33.5 million) and MLCF (25.2 million).

Sectors contributing to the performance include E&P (+66 points), Inv Banks (+36 points), Fertilizer (+24 points), Misc (+11 points), Pharma (+10 points), Cement (-23 points) and O&GMCs (-15 points).

Volumes declined slightly to 466 million shares against 468.9 million shares the other day (-0.6 percent DoD). Average traded value also declined by 2 percent to reach US$ 109.5 million as against US$ 111 million.

Stocks that contributed significantly to the volumes include KEL, PAEL, MLCF, PPL and UNITY, which formed 30 percent of total volumes.

Stocks that contributed positively to the index include POL (+44 points), DAWH (+31 points), PPL (+16 points), KEL (+15 points) and SHFA (+11 points). Stocks that contributed negatively include PSO (-18 points), LUCK (-11 points), HUBC (-10 points), BAFL (-9 points), and DGKC (-8 points).