Stock market climbs up by 825 points on bullish trading

Stock market climbs up by 825 points on bullish trading

KARACHI: The stock market gained 825 points on Friday amid bullish trading which resulted in recovery of past day’s losses.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,926 points as against 37,101 points showing an increase of 825 points.

Analysts at Arif Habib Limited said that the market went into bullish mode again, recovering majority of loss incurred yesterday.

During the session, the benchmark index gained 847 points and closed the session +824 points.

The first session ended +395 points that gave confidence to investors to take positive bet on SBP policy rate decision, due to be announced on Friday eve post market close.

Activity was observed across the board. Technology stocks traded the most with 44.7 million shares, followed by Cement (33.6 million) and Banks (28.7 million). TRG realized 24.5 million shares, followed by PAEL (20.6 million) and BOP (15.4 million).

Sectors contributing to the performance include Banks (+203 points), Fertilizer (+134 points), E&P (+130 points), Cement (+88 points) and Power (+43 points).

Volumes increased from 232.6 million shares to 242.7 million shares (+4 percent DoD). Average traded value increased by 0.2 percent DoD to reach US$ 52.2 million as against US$ 52.1 million.

Stocks that contributed significantly to the volumes include TRG, PAEL, BOP, PTC and KEL, which formed 33 percent of total volumes.

Stocks that contributed positively include ENGRO (+57 points), FFC (+54 points), HBL (+50 points), LUCK (+47 points) and PPL (+44 points). Stocks that contributed negatively include SHFA (-3 points), SPWL (-3 points), PMPK (-1 points), DCR (-1 points), and IDYM (-1 points).

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