KARACHI: The stock market gained 287 points on Monday as buying activities seen during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,212 points as against 37,926 points showing an increase of 287 points.
Analysts at Arif Habib Limited said that the market was initially expected to face selling pressure in the wake of roll-over week, however, SBP’s status quo on monetary policy instilled confidence among investors believing that the rate cut may be announced early CY2020.
Buying activity was observed in Cement (on the back of expectation of posting healthy dispatches).
Similarly, Food sector also performed well with majority scrips trading at upper circuits.
E&P, OMCs and Refinery remained in the limelight, among which HASCOL maintained the upward trajectory on upper circuit.
Cement sector led the volumes with 37.8 million shares, followed by Technology (23.7 million) and Food (20.5 million).
Among scrips, PAEL registered 19.1 million shares, followed by UNITY (18.6 million) and TRG (15 million).
Sectors contributing to the performance include Banks (+116 points), Cement (+77 points), Fertilizer (+23 points), Pharma (+20 points) and Technology (+15 points).
Volumes declined slightly by 0.8 percent DoD to 241.2 million shares as against 243 million shares. Average traded value however, increased by 8 percent to reach US$ 56.4 million as against US$ 52.3 million.
Stocks that contributed significantly to the volumes include PAEL, UNITY, TRG, FFL and PSX, which formed 32 percent of total volumes.
Stocks that contributed positively include LUCK (+47 points), MCB (+38 points), HBL (+27 points), UBL (+19 points) and FFC (+18 points). Stocks that contributed negatively include PPL (-26 points), HUBC (-18 points), DAWH (-14 points), SHFA (-7 points), and THALL (-4 points).
