Stock market gains 581 points despite buying activities

KARACHI: The stock market gained 581 points on Friday despite buying activities in major scrips.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,288 points as against 38,706 points showing an increase of 581 points.

Analysts at Arif Habib Limited said that the aarket went up again by +746 points during today’s sessions, following the resolution of General Bajwa’s extension, however, the market closed with +581 points.

Market saw brisk buying activity with major contribution from Banks.

Though E&P remained positive, even better performance was seen in Refinery and OMCs sectors.

Banks realized trading volume of 86 million shares, mainly contributed by BOP (51.8 million) and BIPL (12.8 million).

Chemical and Cement sectors trailed Banks with 37.7 million and 35.5 million shares respectively. Among scrips, BOP was followed by PAEL (20.1 million) and KEL (16.4 million).

Sectors contributing to the performance include Banks (+277 points), Power (+45 points), Cement (+31 points), Autos (+26 points) and Insurance (+25 points).

Volumes increased further from 348.5 million shares to 428.9 million shares (+23 percent DoD).

Average traded value also increased by 18 percent to reach US$ 92.6 million as against US$ 78.2 million.

Stocks that contributed significantly to the volumes include BOP, PAEL, KEL, BIPL and PIBTL, which formed 26 percent of total volumes.

Stocks that contributed positively include HBL (+97 points), UBL (+76 points), HUBC (+37 points), BAHL (+17 points) and BAFL (+17 points). Stocks that contributed negatively include SNGP (-7 points), MARI (-7 points), EFERT (-6 points), INIL (-4 points), and OGDC (-4 points).

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