Stock market recovers 1195 points on hopes of state fund buying

KARACHI: The stock exchange recovered around 1195 points on Wednesday on the hope of buying through state fund.

The benchmark KSE-100 index closed at 34,637 points as against 33,442 points showing an increase of 1195 points.

Analysts at Arif Habib Limited said that the market is showing signs of a bull run in the wake of the State Fund that will likely buy scrips of State owned listed entities.

On the whole, market shot up by 1256 points during the session, and closed +1195 points. Majority stocks hit upper circuit including index blue chips OGDC, PSO, SNGP, NBP and otherwise traded in green zone throughout the session.

Volumes maintained the healthy stride of 150M plus for the third consecutive session and today crossed 200 million shares mark. Banking sector led the volumes table with 44 million shares, followed by Technology (32 million) and Power (19 million) Sectors.

Among banking sector BOP marked hefty volume of 25 million shares, followed by WTL (20 million) in Technology Sector.

Sectors contributing to the performance include E&P (+269 points), Fertilizer (+219 points), Banks (+216 points), Power (+116 points) and Cement (+96 points).

Volumes increased significantly from 153.6mn shares to 203.5mn shares (+32 percent DoD). Average traded value, however, increased by 1 percent merely to reach US$ 35.2 million as against US$ 34.9 million the other day.

Stocks that contributed significantly to the volumes include BOP, WTL, KEL, PIBTL and UNITY, which formed 40 percent of total volumes.

Stocks that contributed positively include OGDC (+93 points), PPL (+93 points), HUBC (+73 points), ENGRO (+66 points) and HBL (+65 points). Stocks that contributed negatively include BAFL (-8 points), INDU (-5 points), JLICL (-4 points), ICI (-2 points) and COLG (-2 points).

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