Share market gains 458 points as activities seen in blue chips

Share market gains 458 points as activities seen in blue chips

KARACHI: The share market witnessed an increase of 458 points on Wednesday owing to trading activities were seen banking and other blue-chip stocks.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,834 points as against 41,378 points showing an increase of 458 points.

Analysts at Arif Habib Limited said that the market continued the bull run to post a total gain of 556 points during the session, closing the session +458 points.

Brisk trading activity was witnessed, which saw NBP trading at upper circuit after posting better than expected financial results at the opening bell.

Cement, Fertilizer, OMCs and Chemical sector stocks followed this performance and traded high volumes.

Overall trading volumes also reached a recent time high of 836 million shares. Technology sector led the volumes with 114.5 million shares, followed by Cement (86.9 million) and Banks (81.3 million). Among scrips, KEL topped the volumes with 53.9 million, followed by PTC (48.7 million) and PBTL (46.9 million).

Sectors contributing to the performance include Banks (+90 points), Fertilizer (+81 points), O&GMCs (+49 points), Inv Banks (+39 points) and Cement (+35 points).

Volumes increased from 759.3 million shares to 837.0 million (+10 percent DoD). Average traded value also increased by 21 percent to reach US$ 158.1 million as against US$ 131.2 million.

Stocks that contributed significantly to the volumes include KEL, PTC, PIBTL, HASCOL and TRG, which formed 28 percent of total volumes.

Stocks that contributed positively to the index include ENGRO (+38 points), UBL (+34 points), NBP (+31 points), DAWH (+28 points) and EFERT (+26 points). Stocks that contributed negatively include HUBC (-13 points), SHFA (-4 points), MEBL (-3 points), FCEPL (-3 points) and HINOON (-2 points).