Share market gains 53 points amid selling pressure

Share market gains 53 points amid selling pressure

KARACHI: The share market gained 53 points on Thursday despite selling pressure seen in the market during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,334 points as against 42,282 points showing an increase of 53 points.

Analysts at Arif Habib Limited said that the market opened on a positive note with +193 points and added a total of 350 points on the index.

Selling pressure eroded most of the gains by the end of session, closing the index +53 points. Financial results of DGKC helped the stock post price gains.

Among technology stocks, PTC hit upper circuit whereas Chemical sector helped EPCL touch recent times high. Technology sector topped the volumes with 108.6 million shares, followed by Power (47.5 million) and Vanaspati (45.2 million). Among scrips, KEL led the table with 70.5 million shares, followed by HASCOL (37.4 million) and DCL (28.1 million).

Sectors contributing to the performance include Chemical (+23 points), Technology (+17 points), E&P (+14 points), Insurance (-15 points), Pharma (-7 points).

Volumes increased from 489.6 million shares to 508.7 million shares (+4 percent DoD). Average traded value also increased by 3 percent to reach US$ 90.8 million as against US$ 87.9 million.

Stocks that contributed significantly to the volumes include PTC, UNITY, HASCOL, FFL and PIBTL, which formed 42 percent of total volumes.

Stocks that contributed positively to the index include EPCL (+20 points), POL (+14 points), PTC (+13 points), PSO (+13 points) and ENGRO (+12 points). Stocks that contributed negatively include FFC (-12 points), AICL (-9 points), JLICL (-8 points), NESTLE (-6 points) and ABL (-5 points).