Stock market gains 102 points

Stock market gains 102 points

KARACHI: The stock market gained 102 points on Wednesday as the market discounted all the hype created by the opposition parties yesterday on plans of tendering resignations from the National and Provincial assemblies.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,204 points as against 42,101 points showing an increase of 102 points (+0.2 percent DoD).

Analysts at Arif Habib Limited said that the market discounted all the hype created by the opposition parties yesterday on plans of tendering resignations from the National and Provincial assemblies.

Banking sector played vital role in the shape of HBL and UBL taking charge again after a lull of almost 2 months since announcement of 3QFY20 financial results.

International crude prices went positive as well, trading +1 percent that helped E&P stocks inch up.

Chemical and O&GMCs also contributed to the positivity and helped the index maintain level above 42,200.

The Index swayed between +248 points and -72 points, and closed the session +102 points. Among scrips, TRG topped the volumes with 33.7 million shares, followed by LOTCHEM (27.1 million) and UNITY (26.1 million).

Sectors contributing to the performance include E&P (+44 points), Technology (+20 points), Power (-13 points), Tobacco (-10 points) and Autos (-6 points).

Volumes increased from 409.7 million shares to 438.1 million shares (+7 percent DoD). Average traded value also increased by 3 percent to reach US$ 118.3 million as against US$ 115.3 million.

Stocks that contributed significantly to the volumes include TRG, LOTCHEM, UNITY, HASCOL and MLCF, which formed 30 percent of total volumes.

Stocks that contributed positively to the index include TRG (+30 points), OGDC (+24 points), PPL (+12 points), UBL (+11 points) and HBL (+10 points).

Stocks that contributed negatively include HUBC (-18 points), PAKT (-9 points), BAHL (-9 points), SYS (-9 points) and MLCF (-8 points).

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