Stock market remains buoyant on reform package

KARACHI: The equity market on Thursday remained buoyant on positive outcome of the finance supplementary second amendment bill, 2019.



The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,289 points as against 40,058 points showing an increase of 231 points.

Analysts at Arif Habib Limited said that the market opened with an addition of 535 points and 9 million shares traded at the opening bell, courtesy of the mini-budget announced last eve.

Many a measures taken by the Government bode well for the listed entities in general.

However, the positivity of buyers met an equally strong selling pressure that moved from Fertilizer Sector to OMCs, Chemical and Cable.

The apparent beneficiaries of mini-budget faced an ill-fate in the sense that both PAEL and STCL, which had specific benefits announced in their favour remained red the entire session, barring the initial exuberance.

PIBTL led the volume table, hit upper circuit with a total volume of 30 million shares, followed by BOP that lagged behind in terms of price performance.

ISL received heavy bantering by the end of session and hit lower circuit.

Sectors contributing to the performance include Banks (+130 points), Cement (+50 points), E&P (+33 points), Miscellaneous (+27 points), Transport (+19 points) and Engineering (-19 points).

Volumes increased significantly again from 178.9 million shares to 245.9 million shares (+37 percent DoD).

Average traded value also increased by 34 percent DoD to reach $ 70.9 million as against $ 52.8 million.
Stocks that contributed significantly to the volumes include PIBTL, BOP, PAEL, PIAA and NRSL, which formed 42 percent of total volumes.

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