KARACHI: The stock market gained 252 points on Friday owing to hopes of interest rate cut on the basis of latest inflation numbers.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,467 points as against 30,215 points showing an increase of 252 points.
Analysts at Arif Habib Limited said that it was short trading day, which is marked to signify the importance of Defence Day and Solidarity with Kashmir, ended on a positive note.
Early on, selling pressure was evident across the board mainly due to negativity created by rumour of Rights issue by Cement sector companies, however, the sentiment turned positive later on with the prospects of rate cut and latest CPI release.
Banks and E&P sectors contributed mainly to the spike in index, where HBL saw upper circuit and both OGDC and PPL saw rate spiking to highs in recent past.
Cement sector led the volumes table with 12.1 million shares, followed by E&P (6.1 million) and Technology (6 million). Among scrips, MLCF topped the volumes with 7.1 million shares followed by WTL (4.6 million) and OGDC (4.2 million).
Sectors contributing to the performance include Banks (+108 points), E&P (+72 points), Power (+48 points), Food (+12 points), Chemical (+11 points), and Cement (-14 points).
Volumes declined from 146.5 million shares to 48.2 million shares (-67 percent DoD). Average traded value also declined by 52 percent to reach US$ 15.5 million as against US$ 32.7 million.
Stocks that contributed significantly to the volumes include MLCF, WTL, OGDC, DGKC and PAEL, which formed 44 percent of total volumes.
Stocks that contributed positively include HBL (+78 points), HUBC (+47 points), OGDC (+45 points), PPL (+23 points) and EFERT (+11 points). Stocks that contributed negatively include ENGRO (-10 points), LUCK (-8 points), KTML (-4 points), INDU (-4 points), and FFC (-4 points).