Stock market gains 604 points ahead of PM’s China visit

KARACHI: The stock market gained 604 points on Monday owing to expected positive outcome of Prime Minister’s visit to China.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,637 points as against 33,033 points showing an increase of 604 points.

Analysts at Arif Habib Limited said that PM’s visit to China took precedence over AsiaPacific Group’s (APG) latest release of its report on Pakistan’s compliance with recommended measures to counter AML/CFT, which will also be subject of discussion from mid of October at FATF plenary session.

Investors are hopeful of PM’s visit to China and believe that the outcome will be positive for Pakistan.

After an initial drop of 86 points earlier in the session, the market went ahead with a jump of 818 points and closed the session 604 points.

Today, yet again, proved to be highest volumes traded session in last 12 months with 391.5 million shares, the analysts said.

Majority of the volumes were observed in Banking sector with 68 million shares contributed by BOP (40 million), which was followed by Cement (44 million) and Technology (40 million).

Among scrips, UNITY and KEL followed BOP with 25 million shares and 17 million shares respectively.

Sectors contributing to the performance include Banks +198 points), E&P (+103 points), Cement (+67 points), Fertilizer (+54 points) and O&GMCs (+45 points).

Volumes increased substantially from 261.8 million shares to 392.1 million shares (+50 percent DoD).

Average traded value also increased by 35 percent DOD to reach US$ 64.6 million as against US$ 47.7 million.

Stocks that contributed significantly to the volumes include BOP, UNITY, KEL, LOTCHEM and PIBTL, which formed 29 percent of total volumes.

Stocks that contributed positively include PPL (+45 points), BAHL (+40 points), LUCK (+37 points), UBL (+35 points) and FFC (+33 points). Stocks that contributed negatively include PAKT (-25 points), PMPK (-11 points), COLG (-11 points), EFUG (-7 points), and EFERT (-4 points).

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