Stock market ends up by 34 points in dull trading

Stock market ends up by 34 points in dull trading

KARACHI: The stock market increased by 34 points on Monday amid dull trading activities.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,276 points as against 40,243 points showing an increase of 34 points.

Analysts at Arif Habib Limited said that the market witnessed dull activity today barely trading 100 million shares, even lower than 118 million shares observed on Friday.

E&P, Fertilizer, Cement and OMCs bore selling pressure, and even Banking sector (barring HBL) faced selling pressure.

News related to HBL’s irregularities in New York branch caused panic amongst investors, however, HBL did recover significantly post clarification by Management on the issue.

The Stock, which has financial results due on February 19, traded near upper circuit.

Vanaspati sector ranked top among volume leaders with 16.1 million shares, followed by Cement (15.4 million) and Banks (12 million).

Among scrips, UNITY realized trading volumes of 16.1 million shares, followed by DGKC (9.1 million) and HASCOL (7.9 million).

Sectors contributing to the performance include Banks (+74 points), OMCs (+23 points), E&P (30 points), Power (-29 points), Inv Banks (-13 points).

Volumes declined further from 117.6 million shares to 99.8 million shares (-15 percent DoD).

Average traded value increased by 16 percent to reach US$ 28.4 million as against US$ 24.5 million.

Stocks that contributed significantly to the volumes include UNITY, DGKC, HASCOL, HBL and PIBTL, which formed 42 percent of total volumes.

Stocks that contributed positively include HBL (+108 points), KAPCO (+16 points), PSO (+15 points), JLICL (+7 points) and COLG (+6 points).

Stocks that contributed negatively include HUBC (-48 points), PPL (-17 points), OGDC (-15 points), MCB (-12 points), and DAWH (-12 points).

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