Stock market gains 114 points in narrow band trading

KARACHI: The stock market gained 114 points on Tuesday while trading in narrow band during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,199 points as against 33,085 points showing an increase of 114 points.

Analysts at Arif Habib Limited said that the market traded largely in a narrow band, oscillating between +155 points and -124 points, and ending the session +114 points.

Low volumes were witnessed amidst selling pressure in Cement, Steel, Banking sectors. Concerns over activity on Borders with India, political uncertainty due to JUI (F)’s protest and FATF reverberated today.

Chemical sector led the volumes with 13.4 million shares, followed by Cement (10.9 million) and Technology (7.5 million).

Among scrips, LOTCHEM garnered 10.8 million shares in trading volume, followed by TRG (4.1 million) and FFC (3.4 million). Market seemed to lack luster, paying little interest in better than expected results announced recently.

Sectors contributing to the performance include Banks (+38 points), Power (+19 points), E&P (+15 points), Food (+13 points), O&GMCs (+11 points) and Fertilizer (-10 points).

Volumes declined from 130.3 million shares to 83.6 million shares (-36 percent DoD). Average traded value also declined by 36 percent to reach US$ 20.4 million as against US$ 1.8 million.

Stocks that contributed significantly to the volumes include LOTCHEM, TRG, FFBL, HASCOL and DGKC, which formed 29 percent of total volumes.

Stocks that contributed positively include HBL (+22 points), HUBC (+18 points), MCB (+15 points), NESTLE (+15 points) and DAWH (+13 points). Stocks that contributed negatively include ENGRO (-10 points), BAFL (-7 points), DGKC (-6 points), FFBL (-6 points), and JLICL (-6 points).

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