Equity market makes another 944-point gain on positive sentiments

KARACHI: The equity market gained another 944 points on Thursday on positive sentiments prevailed on back of state enterprise fund.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,581 points as against 34,637 points showing an increase of 944 points.

Analysts at Arif Habib Limited said that it was the third session that KSE100 traded in green and capped a new feather with a consecutive 2-day increase of 6.4 percent in a decade.

One of the major reasons behind this upsurge in Index is State Enterprise Fund (that is in the offing), clarity on various fronts for instance uncertainty on account of interest rate hike, recent rupee devaluation and MSCI Review as well contributed to renewed optimism.

The index went up by 993 points and closed +944 points above yesterday’s closing.

That makes a total gain of 2415 points in the index in past 3 days. Banking sector topped the volumes with 33 million shares, again led by BOP (16M) although in a narrow price range. This was followed by Cement sector scrips with 32 million shares on the chart, mainly contributed by MLCF (11 million).

Sectors contributing to the performance include Banks (+247 points), Fertilizer (+216 points), E&P (+111 points), Cement (+100 points), and O&GMCs (+71 points).

Volumes increased further from 203 million shares to 227.7 million shares (+12 percent DoD). Average traded value, however, increased significantly from US$ 35.2mn to US$ 47.3 million (+34 percent DoD).

Stocks that contributed significantly to the volumes include BOP, UNITY, KEL, LOTCHEM and WTL, which formed 32 percent of total volumes.

Stocks that contributed positively include ENGRO (+70 points), FFC (+66 points), HBL (+53 points), LUCK (+51 points) and POL (+51 points). Stocks that contributed negatively include NESTLE (-19 points), OGDC (-6 points), KEL (-4 points), PIBTL (-1 points) and ICI (-1 points).

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