Stock market gains 137 points in mixed trading

Stock market gains 137 points in mixed trading

KARACHI: The stock market increased by 137 points on Thursday in mixed trading during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,628 points from previous day’s closing of 47,491 points, showing an increase of 137 points.

Analysts at Arif Habib Limited said that after consolidating in the past couple of sessions, the Index regained confidence today and added a total of 246 points, on the back of OGDC, PSO and otherwise the Technology sector.

Profit booking brought the index down by the end of session, closing +137 points.

Cement, Fertilizer and Refinery sectors bore selling pressure, whereas Steel, Chemical and Banking sector stocks contributed positively to the index. Flat steel players (ASL & ISL) increased prices today, which prompted an uptick in both stock prices.

Among scrips, WTL topped the volumes with 50.6 million shares, followed by KEL (38.9 million) and TPL (36.1 million).

Sectors contributing to the performance include E&P (+41 points), Technology (+37 points) Banks (+26 points), O&GMCs (+19 points) and Vanaspati (+15 points).

Volumes declined slightly from 508.2 million shares to 506.3 million shares (-0.5 per cent DoD). Average traded value declined by 4 per cent to reach US$ 97 million as against US$ 101 million.

Stocks that contributed significantly to the volumes include WTL, KEL, TPL, PIBTL and TPLP, which formed 36 per cent of total volumes.

Stocks that contributed positively to the index include OGDC (+28 points), TRG (+26 points), BAFL (+16 points), UNITY (+15 points) and PSO (+13 points). Stocks that contributed negatively include PAKT (-21 points), PSX (-15 points), HBL (-9 points), FFC (-8 points) and NML (-6 points). 

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