Share market gains 52 points in range bound trading

Share market gains 52 points in range bound trading

KARACHI: The share market gained 52 points on Monday in a range bound trading during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,784 points as against 40,732 points showing an increase of +52 points.

Analysts at Arif Habib Limited said that the market traded range bound between +212 points and -135 points, closing the session +52 points.

Overall trading volumes remained thin, compared with trading volumes in the previous quarter or so. Banks, Fertilizer and off board scrips largely contributed to day’s activity.

Banking sector saw HBL and MCB posting price gains. Overnight positivity in US Futures, followed by regional markets helped Investors take a positive view, although muted, on KSE-100.

Among scrips, POWER topped the volumes with 36.5 million shares, followed by TRG (31.9 million) and PAEL (19.2 million).

Sectors contributing to the performance include Banks (+40 points), Technology (+40 points), Pharma (+26 points), Chemical (+18 points) and Fertilizer (+15 points).

Volumes declined from 350.4 million shares to 276.8 million shares (-21 percent DoD). Average traded value also declined by 17 percent to reach US$ 59.9 million as against US$ 72.5 million.

Stocks that contributed significantly to the volumes include POWER, TRG, PAEL, PRL and UNITY, which formed 44 percent of total volumes.

Stocks that contributed positively to the index include HBL (+40 points), TRG (+37 points), MCB (+24 points), COLG (+22 points) and GLAXO (+13 points).

Stocks that contributed negatively include LUCK (-21 points), NBP (-10 points), PPL (-8 points), OGDC (-8 points) and EFUG (-6 points).

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