KARACHI: The stock market made a massive recovery of 1,369 points on Tuesday owing to increase in international oil prices and positive trend in global stocks.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,480 points as against 39,112 points showing an increase of 1,369 points.
Analysts at Arif Habib Limited said that the market rebounded today by adding a resounding +1400 points during the session and closing near day’s high at +1369 points.
Increase in international crude oil prices overnight as well as positive trend in global stock markets (following the Election day rally) helped the local bourse stage a comeback.
Besides, PM’s announcement with regards lowering the cost of electricity for Industrial consumers, which came by the end of session, also helped strengthen the Index.
Banking sector, which was under significant selling pressure during the past few sessions saw buyers taking charge over the sellers, giving way for the stock prices to trade near upper circuits.
Among scrips, UNITY led the table with 42.8 million shares, followed by POWER (35.6 million) and HASCOL (29.4 million).
Sectors contributing to the performance include Banks (+356 points), E&P (+170 points), Cement (+157 points), O&GMCs (+95 points) and Fertilizer (+91 points).
Volumes increased from 322.2 million shares to 383.9 million shares (+19 percent DoD). Average traded value also increased by 15 percent to reach US$ 86.2 million as against US$ 74.8 million.
Stocks that contributed significantly to the volumes include UNITY, POWER, HASCOL, AGHA and PIBTL, which formed 38 percent of total volumes.
Stocks that contributed positively to the index include HBL (+83 points), UBL (+79 points), POL (+70 points), LUCK (+64 points) and ENGRO (+61 points). Stocks that contributed negatively include COLG (-6 points), HGFA (-1 points) and EFUG (-0 points).
