Stock market gains 182 points on GDP growth projection

Stock market gains 182 points on GDP growth projection

KARACHI: The stock exchange gained 182 points on Monday on official GDP growth projection and Moody’s assessment.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,097 points as against last Friday’s closing of 45,915 points, showing an increase of 182 points.

Analysts at Arif Habib Limited said that the market posted decent gains earlier in the session by adding a total of 400 points, taking cue from Moody’s assessment of Pakistan’s credit reporting which was supported by a surprise growth in real GDP.

Although the roll-over week began today, unlike past months activity remained low in tech stocks and in the end TRG closed below LDCP.

E&P stocks remained poised on increase in crude oil prices, whereby OGDC scored high volume with an increase in stock price but failed to retain the gains by the end of session.

Cement sector bounced back on the prospects of an impending increase in cement price / bag. Among scrips, WTL topped the volumes with 275.8 million shares, followed by SILK (36.6 million) and SMBL (36.5 million).

Sectors contributing to the performance include Cement (+87 points), Banks (+42 points), Autos (+35 points), Fertilizer (+26 points) and Chemical (+22 points).

Volumes increased from 710.4m shares to 766.6 million shares (+8 percent DoD). Average traded value increased by a nominal 1 percent to reach US$ 129.7 million as against US$ 127.8 million.

Stocks that contributed significantly to the volumes include WTL, SILK, SMBL, HASCOL and FFL, which formed 51 percent of total volumes.

Stocks that contributed positively to the index include SYS (+24 points), MTL (+23 points), PPL (+21 points), MLCF (+21 points) and COLG (+20 points). Stocks that contributed negatively include TRG (-43 points), HUBC (-12 points), PSO (-12 points), MARI (-8 points) and SEARL (-7 points).