Stock market gains 311 points on improved rupee value

KARACHI: The stock market gained 311 points on Tuesday amid improvement in rupee value and signing of IMF loan program on July 03.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,307 points as against 33,996 points showing an increase of +311 points.

Analysts at Arif Habib Limited said that despite the bearish outlook at the start of the day, courtesy high Rupee:USD parity, pending sign-off of IMF Loan package on July 3rd and increase in gas and electricity tariffs besides the protest of textile and cement processors / dealers.

Two of the major macro economic indicators that positively impacted the market were decline in rupee:dollar parity as well as a lower reading of Inflation against street consensus.

Overall, Cement, Refinery, E&P and steel sector performed well today. Power sector led the volumes table with 15 million shares, followed by Chemical (14 million). KEL topped the volumes with 13.5 million shares, followed by TRG (8 million) and LOTCHEM (7 million).

Sectors contributing to the performance include Fertilizer (+84 points), Banks (+71 points), Cement (+40 points), E&P (+31 points) and Pharma (+23 points).

Volumes increased from 48 million shares to 91.1 million shares (+90 percent DoD. Average traded value also increased by 74 percent to reach US$ 19.3 million as against US$ 11 million.

Stocks that contributed significantly to the volumes include KEL, TRG, LOTCHEM, UNITY and MLCF, which formed 44 percent of total volumes.
Stocks that contributed positively include FFC (+40 points), HBL (+34 points), NBP (+17 points), LUCK (+17 points) and MCB (+17 points).

Stocks that contributed negatively include NESTLE (-24 points), MEBL (-6 points), PSMC (-3 points), THALL (-3 points) and SML (-2 points).

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