Stock market recovers 857 points on major activities in banks, E&P sectors

KARACHI: The stock market recovered another 857 points on Tuesday owing to significant activities in exploration and production (E&P) and banking sectors.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,419 points as against 29,562 points showing an increase of 857 points.

The stock market witnessed gain of 1,655 points during last two days after facing massive decline over the past few weeks.

Analysts at Arif Habib Limited said that the market was opened on a positive note today with +86 points and went as high as 941 points during the session today.

Major contributors to the index have been Banks and E&P Sectors. Index heavy weights, including ENGRO, HBL, UBL, MCB along with Auto sector scrips hit upper circuits and maintained that level for fair part of the session.

Most of the volume is observed in Banks, Cement and Technology sectors contributing 24.5 million, 17.8 million and 15.6 million respectively. Among scrips, BOP led the volumes with 10.3 million shares, followed by TRG (8.9 million) and MLCF (6.9 million).

Sectors contributing to the performance include Banks (+354 points), E&P (+152 points), Fertilizer (+113 points), Power (+70 points), and O&GMCs (+33 points).

Volumes increased further from 102.5 million shares to 142.3 million shares (+39 percent DoD). Average traded value also increased by 42 percent to reach US$ 35.3 million as against US$ 24.8 million.

Stocks that contributed significantly to the volumes include BOP, TRG, MLCF, PPL and KEL, which formed 27 percent of total volumes.

Stocks that contributed positively include HBL (+88 points), ENGRO (+80 points), MCB (+73 points), HUBC (+66 points) and UBL (+64 points). Stocks that contributed negatively include FATIMA (-3 points), FFBL (-3 points), KEL (-1 point), PAEL (-1 point) and KTML (-1point).

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