KARACHI: The share market gained 187 points on Thursday in a range bound trading activity during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,219 points as against 47,032 points.
Analysts at Arif Habib Limited said that the market continued to remain range-bound today due to concerns over uptick in Richard bay coal price, food inflation and resumption of foreign selling spree.
Activity remained side-ways as market witnessed hefty volumes in the 3rd tier stocks. Technology sector continued to remain in the limelight throughout the day as traders again placed bet on high-beta stocks to mark quick gains.
On the flip-side, Institutional activity stayed lackluster. In the last trading hour, buying was observed in the banking sector and index managed to close above 47000 levels.
Sectors contributing to the performance include Technology (+92 points), Fertilizer (+44 points), Refinery (+36 points), E&P (+26 points) and Textile (+21 points).
Volumes increased from 380.6 million shares to 561.9 million shares (+47.7 per cent DoD). Average traded value also increased by 3.0 per cent to reach US$ 94.2 million as against US$ 91.5 million.
Stocks that contributed significantly to the volumes include WTL, BYCO, TELE, FNEL and ANL.
