Stock market gains 109 points in narrow range trading

Stock market gains 109 points in narrow range trading

KARACHI: The stock market ended with gain of 109 points on Wednesday while trading in a narrow range activity.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,363 points as against 32,254 points showing an increase of 109 points.

Analysts at Arif Habib Limited said that the market traded in a narrow range between +134 points and -74 points, closing the session at +130 points. Oil, as usual, had a field day with international crude prices on the decline.

Refinery and OMCs remained unaffected from decline in oil prices. Cement sector stayed in the limelight on the back of potential increase in cement price in North Region that had investors buying cement scrips consecutively.

By the end of session, WTL announced intention to acquire more than 30 percent shares by Elko Broadband Inc that gave perspective to consistently high volumes in WTL.

On the whole, Cement sector led the volumes table with 46.2 million shares, followed by Technology (21.7 million) and Vanaspati (15.9 million). MLCF topped the charts with 16.3 million shares, followed by UNITY (15.9 million) and WTL (13.5 million).

Sectors contributing to the performance include Banks (+99 points), Cement (+47 points), O&GMCs (+18 points), E&P (-45 points), Fertilizer (-19 points).

Volumes maintained the level seen yesterday with 181.3 million shares against 180.7 million shares (+0.3 percent DoD). Average traded value increase by 8 percent to reach US$ 34.7 million as against US$ 32 million.

Stocks that contributed significantly to the volumes include MLCF, UNITY, WTL, KEL and FCCL, which formed 36 percent of total volumes.

Stocks that contributed positively include HBL (+82 points), UBL (+20 points), NBP (+12 points), DGKC (+12 points) and BAFL (+11 points). Stocks that contributed negatively include OGDC (-20 points), DAWH (-18 points), MCB (-17 points), PPL (-13 points), and POL (-12 points).