Stock market gains 53 points amid selling pressure

KARACHI: The stock exchange gained 53 points on Wednesday after selling pressure eroded earlier day gain of over 500 points.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,638 points as against 30,585 points showing an increase of 53 points.

Analysts at Arif Habib Limited said that in a diametrically opposite fashion, compared with yesterday, the index erased all the gains made earlier during the session today when market went up by 528 points.

Market on Close (MOC) saw selling pressure that brought the index in red towards -33 points but closed at +53 points.

The uptrend earlier during the session was contributed by Refinery, Steel, Autos, Fertilizer and Cement sectors whereby index heavy weight scrips traded near upper circuit and blue chips in Refinery and Steel hit upper circuit.

Cement sector led the volumes table again with 20.5 million shares followed by Banks (15.5 million) and Chemical (15.5 million). Among scrips, KEL topped the volume with ~10 million shares, followed by MLCF (8.4 million) and UNITY (7.1 million).

Sectors contributing to the performance include Commercial Banks (+36 points), E&P (+36 points), Fertilizer (+31 points) and Tobacco (+18 points).

Volumes increased from 119.8 million shares to 149.0 million shares (+24.4 percent DoD). Average traded value however, increased by 1.5 percent to reach US$ 34.2 million as against US$ 33.7 million.

Stocks that contributed significantly to the volumes include KEL, MLCF, UNITY, LOTCHEM and TRG, which formed 25 percent of total volumes.

Stocks that contributed positively include ENGRO (+31 points), UBL (+29 points), POL (+25 points), PAKT (+18 points) and MEBL (+17 points).

Stocks that contributed negatively include DAWH (-16 points), NESTLE (-15 points), COLG (-11 points), KEL (-10 points) and HMB (-9 points).

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