Stock market gains 181 points in mixed trading activity

Stock market gains 181 points in mixed trading activity

KARACHI: The stock market gained 181 points on Monday in mixed trading activity during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,802 points as against 39,622 points showing an increase of 181 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today and continued the momentum by adding a total of 203 points during the session.

The index also saw a drop of 148 points from LDCP, but rebounded by the end of session.

Cement, Pharma, Steel and O&GMC sectors helped post gains on the Index, among which Cement and Pharma stocks reacted to expectations of an increase in underlying product prices.

Cement dispatches are also anticipated to be high on the back of higher PSDP utilization in Q1-FY21. E&P sector remained under pressure due to News of privatization of OGDC and PPL by GOP, whereas banking sector stocks followed the trend as in past several sessions.

Technology sector led the volumes with 67 million shares, followed by Cement (61.9 million) and Misc (29.7 million). Among scrips, TRG topped the volumes with 29.8 million shares, followed DCL (23.4 million) and PACE (23.4 million).

Sectors contributing to the performance include Cement (+73 points), Technology (+47 points), Pharma (+39 points), O&GMCs (+36 points), Inv Banks (+28 points) and E&P (-74 points).

Volumes declined from 400.5 million shares to 371.3 million shares (-7 percent DoD). Average traded value, on the contrary, increased by 9 percent to reach US$ 88.6 million as against US$ 81.7 million.

Stocks that contributed significantly to the volumes include TRG, DCL, PACE, WTL and PRL, which formed 31 percent of total volumes.

Stocks that contributed positively to the index include LUCK (+39 points), TRG (+38 points), DAWH (+27 points), SEARL (+24 points) and NBP (+16 points). Stocks that contributed negatively include OGDC (-27 points), PPL (-21 points), POL (-19 points), FFC (-15 points) and MCB (-10 points).