Stock market gains 104 points amid third trading halt

Stock market gains 104 points amid third trading halt

KARACHI: The stock market gained 104 points on Friday despite third market halt in the week was witnessed.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) Index closed at 36,060 points as against 35,957 points showing an increase of 104 points.

Analysts at Arif Habib Limited said that third consecutive market halt was met by one of the largest pull backs in recent times at the bourse.

Initially market opened on a negative note with -614 points and 0.86 million traded at opening bell.

Situation worsened and caused the halt at -1683 points by 9:25 AM and 25 million shares traded on KSE100.

Market re-opened at -1267 points, registering a recovery of 416 points and continued the path of recovery by the close of first session.

Second session opened -347 points, which showed a recovery of 1336 points, however, the index swung back into negative territory and yet again managed to post a recovery in MoC when the index posted gain.

Recovery was mainly seen in Oil & Gas, Banking and Cement sectors which have heavy weightage on Index.

Market recovery largely banked on improving sentiments in regional and global markets, whereby India and South Korea were seen banning short sale.

In addition, international crude price also posted an intra-day gain of around 5 percent that helped investors make a positive view on pertinent stocks.

Sectors contributing to the performance include E&P (+117 points), Pharma (+35 points), O&GMCs (+28 points), Chemical (+23 points), Banks (-63 points), Cement (-40 points), Tobacco (-37 points).

Volumes increased from 230.7 million shares to 290.1 million shares (+26 percent DoD). Average traded value also increased by 42 percent to reach US$ 87.8 million as against US$ 61.9 million.

Stocks that contributed significantly to the volumes include BOP, MLCF, FCCL, HASCOL DGKC, which formed 38 percent of total volumes.

Stocks that contributed positively include OGDC (+57 points), PSO (+32 points), POL (+26 points), HBL (+25 points) and ENGRO (+25 points).

Stocks that contributed negatively include LUCK (-51 points), UBL (-48 points), MCB (-42 points), PAKT (-37 points), and FFC (-16 points).

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