Stock market gains 448 points on positive expectations of FATF meeting

KARACHI: The stock market gained 448 points on Friday on expectations of positive outcome of FATF meeting.

The benchmark KSE-100 of Pakistan Stock Exchange (PSX) closed at 34,476 points as against 34,028 points showing an increase of 448 points.

Analysts at Arif Habib Limited said that the market continued the uptrend today, expecting positive outcome of the FATF meeting in the coming week.

They said that mid of the month is also going to see several corporate announcing financial results, which also had the market trade, largely in positive direction.

Cement and Steel sector braced decline following the trend in the past couple of sessions.

During the session, the news of Iranian oil tanker explosion had international crude oil prices spike resulting positively on the E&P sector.

Refinery sector lagged behind due to concerns on upcoming quarterly results. Traded value hit the highest level in rupee terms during 2019.

Besides, Technology sector led the volumes table with 56.4 million shares, followed by Cement (35 million) and Chemical (31.9 million).

Among scrips, WTL ranked top with 30.8 million shares, followed by LOTCHEM (19.1 million) and TRG (18.8 million).

Sectors contributing to the performance include Banks (+170 points), E&P (+89 points), Fertilizer (+39 points), Cement (+38 points) and Power (+31 points).

Volumes increased again from 261.6 million shares to 287 million shares (+10 percent DoD). Average traded value also increase by 25 percent to reach US$ 677 million as against US$ 54.2 million.

Stocks that contributed significantly to the volumes include WTL, LOTCHEM, TRG, UNITY and BOP, which formed 33 percent of total volumes.

Stocks that contributed positively include HBL (+75 points), OGDC (+36 points), HUBC (+33 points), UBL (+30 points) and LUCK (+29 points). Stocks that contributed negatively include FFC (-8 points), NESTLE (-8 points), AGP (-6 points), KEL (-4 points), and PIBTL (-4 points).

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