Share market gains 637 points on major buying activities

Share market gains 637 points on major buying activities

KARACHI: The share market gained 637 points on Friday owing to significant buying activities during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,071 points as against 31,434 points showing an increase of 637 points (+2 percent DoD).

Analysts at Arif Habib Limited said that the market opened on a positive note with +94 points although volume at start was very low.

By the end of first session, the benchmark index grew by 261 points posting a volume of 36.9 million shares.

Second session saw significant jump in both volumes and points with an overall volume of 134.5 million shares and index surging by 650 points.

Besides oil chain (E&P, OMCs, Refinery), buying activity was observed in Cement sector (which had expectation of increase in Cement prices in North) and also in the Banking sector.

Cement sector led the volumes with 22.7 million shares (courtesy of MLCF (13.1 million) & DGKC (3.4 million)), followed by Banks (20.9 million) and Power (20.8 million).

Among Banks, BOP traded the most with 14.4 million shares and Power sector had KEL with 17.6 million shares.

Sectors contributing to the performance include Banks (+182 points), E&P (+136 points), Power (+61 points), Fertilizer (+57 points) and Cement (+49 points).

Volumes increased from 124.5 million shares to 135.1 million shares (+9 percent DoD). Average traded value also increased by 20 percent to reach US$ 27.2 million as against US$ 22.6 million.

Stocks that contributed significantly to the volumes include KEL, BOP, MLCF, WTL and PAEL, which formed 44 percent of total volumes.

Stocks that contributed positively include HBL (+74 points), OGDC (+51 points), UBL (+46 points), PPL (+45 points) and HUBC (+39 points). Stocks that contributed negatively include AGIL (-2 points), THALL (-2 points), COLG (-1 points), SYS (-1 points), and BWCL (-1 points).

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