KARACHI: The stock market gained 175 points on Tuesday as buying was seen in many scrips.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,254 points as against 32,079 points showing an increase of 175 points.
Analysts at Arif Habib Limited said that the market performed well today with an increase of 212 points during the session and closing the day with +169 points.
Among the key triggers, price of cement in North region as well as relaxation for Construction sector helped investors bet on Cement sector.
International crude prices went down overnight, which caused selling pressure in E&P stocks, with the exception of Refineries and OMCs.
Laggards, for most of the session, proved to be Fertilizer and E&P stocks.
The volumes improved significantly over the day, however, most of these volumes went to penny stocks like UNITY, KEL, which collectively contributed 22 percent of the executed volumes. Cement sector led the volumes with 37.8 million shares ( contributed by FCCL (14.7 million) and MLCF (11.5 million), followed by Power (24.6 million), courtesy of KEL (22.9 million) and Vanaspati (19.4 million), almost entirely due to UNITY.
Sectors contributing to the performance include Cement (+66 points), Power (+35 points), Banks (+32 points), E&P (-20 points), Tobacco (-11 points).
Volumes increased unabatedly from 166 million shares to 180.5 million shares (+9 percent DoD). Average traded value also increased by 18 percent to reach US$ 31.9 million as against US$ 27.1 million.
Stocks that contributed significantly to the volumes include KEL, UNITY, FCCL, MLCF and BOP, which formed 43 percent of total volumes.
Stocks that contributed positively include LUCK (+20 points), HUBC (+19 points), FCCL (+16 points), KEL (+13 points) and HBL (+12 points). Stocks that contributed negatively include POL (-16 points), PMPK (-11 points), FFC (-9 points), FATIMA (-8 points), and PPL (-4 points).
