Share market up by 332 points on power purchase agreement

Share market up by 332 points on power purchase agreement

KARACHI: The share market gained 332 points on Tuesday following positive sentiments on initiation of agreement between HUBCO and Central Power Purchasing Agency.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,580 points as against previous day’s closing of 46,248 points showing an increase of 332 points.

Analysts at Arif Habib Limited said that signing of IPP’s agreement by HUBCO motivated the Investors to take positions in PSO and HUBCO, resulting in HUBCO driving the market with an overall increase of 394 points during the session.

Similarly, overnight increase in crude oil prices by 3.5 percent caused the E&P sector stocks to react late but assertively contributed to the upsurge in Index.

PSO made a new high on the back of closure of deal with IPPs, which opens the door for resolution of circular debt to O&GMCs.

Banking, Refinery and Cement sector stocks saw profit booking that brought the index in the closing session to a net increase of 332 points (unadjusted).

Among scrips, HASCOL led the table with 43.9 million shares, followed by KEL (34.2 million) and PIBTL (22.5 million).  

Sectors contributing to the performance include E&P (+101 points), Power (+88 points), O&GMCs (+61 points), Banks (+34 points) and Pharma (+30 points).

Volumes declined further from 693.6 million shares to 468.1 million shares (-33 percent DoD). Average traded value also dipped by 24 percent to reach US$ 145.2 million as against US$ 190.6 million.

Stocks that contributed significantly to the volumes include HASCOL, KEL, PIBTL, TELE and PRL, which formed 30 percent of total volumes.

Stocks that contributed positively to the index include HUBC (+87 points), PSO (+65 points), OGDC (+39 points), POL (+36 points) and MCB (+27 points). Stocks that contributed negatively include HBL (-21 points), HASCOL (-12 points), INIL (-11 points), MEBL (-8 points) and DGKC (-5 points).

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