KARACHI: The stock market gained 385 points on Monday after witnessing technical fault at the opening of trading.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,057 points as against 29,672 points showing an increase of 385 points.
Analysts at Arif Habib Limited said that after encountering a technical glitch at start, the index progressed well during the day, led by across the board buying activity in E&P, Banks, Cement and Steel Sectors.
The main reason behind the surge in index can be attributed to resolution a host of measures approved by SECP over the weekend that helped investors take a positive view on equities.
Besides, expectation of lower inflation reading going forward that hints of reduction in SBP policy rate.
Overall, the index went high by 506 points during the session and although receded later but rebounded market close.
Sectors contributing to the performance include Commercial Banks (+130 points), E&P (+71 points), OGMC (+37 points) and Fertilizer (+35 points).
Volumes decreased from 110 million shares to 77.4 million shares. Average traded value decreased by 34.7 percent to reach $16.5 million as against $25.3 million.
Stocks that contributed significantly to the volumes include WTL, MLCF, OGDC, KEL and TRG, which formed 39 percent of total volumes.
Stocks that contributed positively include PPL (+46 points), BAHL (+32 points), FFC (+27 points), UBL (+26 points) and HBL (+23 points). Stocks that contributed negatively include THALL (-8 points), MUREB (-7 points), MTL (-3 points), HASCOL (-3 points) and MARI (-2 points).