Stock market crosses 43,000-level after 17 months on buying activities

KARACHI: The stock market crossed 43,000 level after 17 months on Friday following across the board buying activities.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,207 points as against 42,523 points showing an increase of 684 points.

Analysts at Arif Habib Limited said that the market continued the upward momentum and crossed 43,000 level after 17 months.

Buying activity was observed almost across the board, however, blue chip stocks that were recently ascending and kept the market elevated took a breather.

LUCK, POL, DAWH and PSO remained on the negative side. Banking sector led the volumes table with 90.1 million shares, followed by Technology (49.4 million) and Cement (28.4 million). Among scrips, BOP topped the charts with 53.1 million shares followed by KEL (33.4 million) and UNITY (24.3 million).

Sectors contributing to the performance include Banks (+196 points), E&P (+195 points), Power (+87 points), Fertilizer (+63 points) and Textile (-30 points).

Volumes increased from 362.5 million shares to 400.1 million shares (+10 percent DoD). Average traded value also increased by 12 percent to reach US$ 100.0 million as against US$ 88.9 million.

Stocks that contributed significantly to the volumes include BOP, KEL, UNITY, WTL and STPL, which formed 36 percent of total volumes.

Stocks that contributed positively include PPL (+105 points), HUBC (+98 points), OGDC (+81 points), ENGRO (+40 points) and MCB (+32 points). Stocks that contributed negatively include LUCK (-14 points), PSO (-10 points), DAWH (-9 points), KEL (-7 points), and KAPCO (-4 points).

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