KARACHI: The stock market gained for third consecutive trading session on Wednesday owing to improved confidence of investors.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,973 points as against 30,419 points showing an increase of 554 points.
The market so far gained 2209 points during the past three trading sessions.
Analysts at Arif Habib Limited said that the market continued the ascent on the third consecutive session today, with an overall increase of 554 points giving confidence to the retail and institutional Investors alike that perhaps the worst is over.
Index heavy weights such as OGDC, HBL, UBL, ENGRO, LUCK played a major role in pulling up the Index. Buying was observed almost across the board, with major impact coming from Banks and Fertilizer sectors.
Among scrips, HUBC played a major role in improving the sentiment, whereas TRG and MLCF posted volumes in excess of 10 million each.
Sectors contributing to the performance include Banks (+122 points), Fertilizer (+87 points), Power (+85 points), Cement (+77 points), E&P (+69 points).
Volumes slightly declined from 142.6 million shares to 134.5 million shares (-6 percent DoD). Average traded value also declined by 4 percent to reach US$ 33.8 million as against US$ 35.3 million.
Stocks that contributed significantly to the volumes include TRG, MLCF, BOP, ISL and KEL, which formed 30 percent of total volumes.
Stocks that contributed positively include HUBC (+69 points), ENGRO (+64 points), UBL (+55 points), LUCK (+41 points) and HBL (+36 points). Stocks that contributed negatively include IGIHL (-6 points), DAWH (-5 points), BAHL (-4 points), SHFA (-4 points) and EFUG (-4 points).