Stock market gains 402 points as buying seen in major scrips

KARACHI: The stock exchange gained 402 points on Friday owing to buying seen in major blue chip scrips.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,917 points as against 40,514 points showing an increase of 402 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today and took cue from higher international oil prices that caused PPL to hit upper circuit and OGDC to trade near upper circuit.

Buying activity was mainly observed in Oil & Gas chain. Besides E&P stocks, SSGC and SNGP among O&GMCs also closed on upper circuits.

Autos, Cement and Steel were generally among the laggards. Banking sector led the volumes with 37.9 million shares, followed by Vanaspati (28.2 million) and Technology (27.3 million).

Among scrips, UNITY led the volumes with 28.2 million shares followed by BOP (14.8 million) and FFL (13.5 million).

Sectors contributing to the performance include E&P (+168 points), Banks (+77 points), O&GMCs (+55 points), Textile (+28 points), Inv Banks (+14 points).

Volumes increased from 227 million shares to 270.7 million shares (+19 percent DoD).

Average traded value also increased by 39 percent to reach US$ 75.3 million as against US$ 54.3 million.

Stocks that contributed significantly to the volumes include UNITY, BOP, FFL, AVN and OGDC, which formed 30 percent of total volumes.

Stocks that contributed positively include PPL (+92 points), OGDC (+77 points), HBL (+34 points), PSO (+26 points) and SNGP (+20 points). Stocks that contributed negatively include FFC (-9 points), THALL (-8 points), ENGRO (-8 points), MLCF (-6 points), and MARI (-5 points).

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