KARACHI: The stock market gained 177 points on Tuesday amid range bound trading activities during the day,
The benchmark KSE -100 index of Pakistan Stock Exchange (PSX) closed at 45,903 points as against the previous day’s close of 45,726 points showing an increase of 177 points.
Analysts at Arif Habib said that the market traded range bound with -130 points and 251 points showing, closing the session at +176 points.
Selling pressure was primarily observed in banks and the fertilizer sector. During the session, Advisor to PM on Petroleum hinted at removal of cap on MARI’s dividend declaration which resulted in the stock hitting the upper circuit.
Similarly, OGDC which had holdings of MARI also reacted to the news and performed well. Among scripts, TRG topped the volumes with 29.4 million shares, followed by PRL (28.8 million) and FFL (22.2 million).
Sectors contributing to the performance include Power (+77 points), E&P (+73 points), Technology (+47 points), Misc (+11 points) and Textile (-15 points).
Volumes declined from 543.6 million shares to 491.8 million shares (-10 percent DoD). Average traded value also declined by 9 percent to reach US$ 124.1 million as against US$ 134.8 million.
Stocks that contributed significantly to the volumes include TRG, PRL, FFL, UNITY and KEL, which formed 25 percent of total volumes.
Stocks that contributed positively to the index include HUBC (+74 points), TRG (+60 points), MARI (+57 points), OGDC (+28 points) and BAHL (+27 points). Stocks that contributed negatively include HBL (-24 points), UBL (-21 points), POL (-14 points), SYS (-13 points) and MTL (-11 points).
