Share market inches up in narrow range trading

Share market inches up in narrow range trading

KARACHI: The share market gained 47 points on Wednesday while trading in narrow band, analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,876 points as against 41,828 points showing an increase of 47 points.

Analysts at Arif Habib Limited said that the market traded in a narrow range, moving between -73 points and +194 points during the session closing 47 points.

While E&P sector saw retreat in OGDC and PPL, which has been the case since last several sessions on the back of weak crude oil prices, Banking sector saw renewed buying activity, especially in HBL and BOP.

Among OMCs, PSO and HASCOL performed well today, besides Cement sector that showed positive activity in anticipation of healthy dispatches in the ongoing month.

Post credit of UNITY right shares in investor accounts, the stock price dipped but recovered by day end. Banking sector saw high volumes of 194.2 million shares, followed by Vanaspati (51.8 million) and Technology (47.1 million). Among scrips, SILK registered trading volume of 167.4 million shares, followed by UNITY (51.7 million) and JSCL (36.2 million).

Sectors contributing to the performance include E&P (-43 points), Textile (+30 points), Inv Banks (+19 points), O&GMCs (+17 points), Chemical (+12 points) and Fertilizer (+11 points).

Volumes increased further from 441.3 million shares to 582.8m shares (+32 percent DoD). Average traded value dropped by 1 percent to reach US$ 77.5 million as against US$ 77.9 million.

Stocks that contributed significantly to the volumes include SILK, UNITY, JSCL, PTC and HASCOL, which formed 54 percent of total volumes.

Stocks that contributed positively to the index include DAWH (+23 points), COLG (+16 points), ILP (+13 points), JLICL (+7 points) and BOP (+7 points). Stocks that contributed negatively include OGDC (-17 points), PPL (-12 points), LUCK (-11 points), POL (-8 points) and UBL (-8 points).