KARACHI: The share market gained 252 points on Monday owing to positive sentiments prevailed and the market witnessed buying activity.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,686 points as against 44,434 points showing an increase of 252 points.
Analysts at Arif Habib Limited said that the market opened on a positive note and carried the momentum shown on the last trading day, especially with reference to resolution of circular debt that resulted in strong buying in energy chain (HUBC, KAPCO, PSO).
E&P sector also saw continuation of buying interest, not only due to an increase in international crude oil prices (which jumped 2 percent during the session) as well as the expectation of release of stuck receivables for PPL and OGDC.
Cyclicals (Cement and Steel) saw slump in stock prices due to profit booking. Tech stocks also bore selling pressure on the latest circular from NCCPL for implementation of close out mechanism for Future Contracts, as Tech stocks composes the most of the open positions in Futures contracts.
Among scrips, PAEL topped the volumes with 27.3 million shares, followed by HUBC (25.3 million) and HASCOL (24.9 million).
Sectors contributing to the performance include E&P (+163 points), Power (+127 points), O&GMCs (+96 points), Banks (++77 points) and Textile (+30 points).
Volumes increased from declined from 642.6 million shares to 540.6 million shares (-16 percent DoD). Average traded value also declined by 2 percent to reach US$ 166.6 million as against US$ 170.7 million.
Stocks that contributed significantly to the volumes include PAEL, HUBC, HASCOL, WTL and TRG, which formed 23 percent of total volumes.
Stocks that contributed positively to the index include HUBC (+104 points), PSO (+79 points), PPL (+78 points), OGDC (+63 points) and MCB (+31 points). Stocks that contributed negatively include TRG (-60 points), SYS (-33 points), LUCK (-31 points), DGKC (-21 points) and ENGRO (-19 points).
