Business News

Pakistan Stock Exchange

Share market gains 71 points in narrow range trading

KARACHI: The share market increased by 71 points on Tuesday in narrow range trading session, analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,048 points as against previous day’s closing of 44,978 points, showing an increase of 71 points.

Analysts at Arif Habib Limited said that the market traded in a narrow range between -198 points and +155 points, closing the session +71 points.

Main board scrips have largely been in consolidation and today was no different. Banking sector stocks inched up with particular interest in UBL, especially by the end of session.

Technology stocks witnessed a see-saw moment when NETSOL rebounded and hit upper circuit, whereas TRG (which went upper circuit yesterday) bore selling pressure and traded below LDCP. Among small caps, GGL, GGGL, HUMNL and TELE remained in the limelight.

Among scrips, FNEL topped the volumes with 106.5 million shares, followed by UNITY (29.8 million) and BYCO (28.5 million).

Sectors contributing to the performance include BANKS (+89 points), O&GMCs (+15 points), Technology (-59 points), and Power (-19 points).

Volumes declined from 503.5 million shares to 473.4 million shares (-6 percent DoD). Average traded value also declined by 8 percent to reach US$ 120.8 million as against US$ 130.7 million.

Stocks that contributed significantly to the volumes include FNEL, UNITY, BYCO, TRG and WTL, which formed 47 percent of total volumes.

Stocks that contributed positively to the index include UBL (+28 points), HBL (+18 points), BAHL (+17 points), SNGP (+13 points) and FFBL (+12 points). Stocks that contributed negatively include TRG (-67 points), ENGRO (-28 points), HUBC (-19 points), MLCF (-4 points) and KOHC (-4 points).