Stock market gains 198 points in mixed trading

KARACHI: The stock market gained 198 points on Wednesday in mixed trading sessions.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,281 points as against 34,084 points showing an increase of +198 points.

Analysts at Arif Habib Limited said that the market made a positive move today with a total increase of 351 points and closed the session at 198 points.

During the session, UBL announced financial results, however the stock price did not react positively to the results, ending the session a rupee down compared with previous closing.

Oil & Gas scrips from E&P to OMCs generally fared well, with PPL registering volume of 2.3 million shares. Cement sector saw selling pressure and so did Steel, but managed to close the session in green.

Technology stocks remained in limelight with traded volumes of 22.9 million shares, followed by Chemical (17.4 million) and Power (14.1 million). Among scrips, KEL registered 11.8 million shares followed by WTL (11.8 million) and UNITY (9.9 million).

Sectors contributing to the performance include Banks (+49 points), E&P (+46 points), Fertilizer (+36 points), O&GMCs (+30 points) and Food (+19 points).

Volumes declined slightly from 156.4 million shares to 150.8 million shares (-4 percent DoD). Average traded value also declined by 8 percent to reach US$ 31.3 million as against US$ 34 million.

Stocks that contributed significantly to the volumes include KEL, WTL, UNITY, LOTCHEM and FCCL, which formed 31 percent of total volumes.

Stocks that contributed positively include PPL (+40 points), OGDC (+27 points), PSO (+20 points), ENGRO (+19 points) and BAHL (+16 points). Stocks that contributed negatively include UBL (-15 points), HUBC (-13 points), POL (-11 points), MARI (-10 points), and LUCK (-6 points).

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