Share market gains 218 points amid brisk trading

Share market gains 218 points amid brisk trading

KARACHI: The share market gained 218 points on Wednesday amid brisk trading on the last day of fiscal year. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,356 points as against previous day’s closing of 47,138 points, showing an increase of 218 points.

Analysts at Arif Habib Limited said that the last date of the financial year-end saw brisk trading that indicated balancing of portfolio positions by institutional investors.

Banking sector saw aggressive buying in MCB and NBP in the closing half hour, whereas Refineries saw life coming back to otherwise slow moving PRL and ATRL.

Technology sector remained muted and E&P sector inched up after yesterday’s onslaught. Among scrips, SILK topped the volumes with 44.1 million shares, followed by WTL (43 million) and TPL (31.7 million).

Sectors contributing to the performance include Banks (+77 points), E&P (+57 points), Pharma (+28 points), Fertilizer (-36 points) and Technology (-22 points).

Volumes declined from 580.7 million shares to 549.5 million shares (-5 per cent DoD). Average traded value also declined by 8 per cent to reach US$ 101 million as against US$ 108.9 million.

Stocks that contributed significantly to the volumes include SILK, WTL, TPL, FFL and PACE, which formed 32 per cent of total volumes.

Stocks that contributed positively to the index include MCB (+65 points), PPL (+23 points), MARI (+21 points), NBP (+19 points) and BAFL (+17 points). Stocks that contributed negatively include HBL (-49 points), ENGRO (-27 points), TRG (-19 points), CHCC (-12 points) and INDU (-7 points). 

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