Market gains 81 points in buying activities

KARACHI: The stock market gained 81 points on Tuesday in an aggressive buying session.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,358 points as against 35,277 points showing an increase of 81 points.

Analysts at Arif Habib Limited said that the market showed vibrancy in the early hours of trading that saw an increase of 331 points in total, but ending the session at 81 points.

Banks and E&P sector largely resisted the increase in index, besides LUCK among cement sector stocks.

Fertilizer sector showed mixed trend, however, Chemical, O&GMCs and Autos sector contributed positive to the Index.

On the back of possible expansion from ARY Communications, WTL performed well and registered high trading volumes (27 percent of total volumes).

In addition, overall trading volumes also hit a consecutive recent high of 300 million. Technology sector remained in the limelight with 99.4 million shares, followed by Cement (40.8 million) and Chemical (28.4 million).

Among scrips, WTL realized volumes of 81.7 million, followed by MLCF (15.3 million) and LOTCHEM (12.7 million).

Sectors contributing to the performance include Fertilizer (+28 points), Autos (+21 points), Chemical (+20 points), Textile (+18 points), O&GMCs (+18 points), Power (-34 points) and Banks (-24 points).

Volumes increased further from 207.8 million shares to 308.1 million shares (+48 percent DoD). Average traded value also increased by 2 percent to reach US$ 55.6 million as against US$ 54.4 million.

Stocks that contributed significantly to the volumes include WTL, MLCF, LOTCHEM, TRG and EPCL, which formed 42 percent of total volumes.

Stocks that contributed positively include ENGRO (+32 points), MCB (+32 points), SNGP (+21 points), INDU (+14 points) and COLG (+9 points).

Stocks that contributed negatively include HUBC (-43 points), UBL (-19 points), LUCK (-15 points), FFC (-13 points), and HBL (-12 points).

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