PkRevenue.com

Business News

Pakistan Stock Exchange

Share market gains 307 points on buying activities

KARACHI: The share market gained 307 points on Thursday as buying activities seen on positive sentiments.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,984 points as against 45,677 points showing an increase of 307 points.

Analysts at Arif Habib Limited said that the market went up today with 467 points during the session, closing the session +307 points.

The renegotiation of the government with power sector on resolution of circular debt has paved the way for HUBC, KAPCO and KEL to perform.

On the other hand, a pause in institutional selling (due to redemptions) helped the Index recover today. Banking and E&P sectors recovered from selling observed in past 2 sessions, besides Cement sector that performed in anticipation of better quarterly results.

Among scrips, KEL led the volumes with 143.8 million shares (24 percent of total volumes), followed by HUMNL (43.2 million) and PIBTL (31.4 million).  

Sectors contributing to the performance include Banks (+69 points), Cement (+67 points), Technology (+41 points), Textile (+34 points) and Fertilizer (+32 points).

Volumes increased from 476.6 million shares to 606.3 million shares (+27 percent DoD). Average traded value however declined by 6 percent to reach US$ 111.6 million as against US$ 119.1 million.

Stocks that contributed significantly to the volumes include KEL, HUMNL, PIBTL, FFL and UNITY, which formed 43 percent of total volumes.

Stocks that contributed positively to the index include LUCK (+43 points), ENGRO (+27 points), TRG (+25 points), KTML (+24 points) and BAHL (+23 points). Stocks that contributed negatively include MARI (-11 points), UNITY (-9 points), SHFA (-5 points), BAFL (-4 points) and JLICL (-4 points).