Stock market gains 186 points in range bound trading

Stock market gains 186 points in range bound trading

KARACHI: The stock market gained 186 points on Tuesday in a range bound trading activity during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,982 points as against previous day’s closing of 45,796 points, showing an increase of 186 points.

Analysts at Arif Habib Limited said that the market traded in a range during the session that saw an oscillation of -178 points and +238 points.

The decline observed earlier, on the back of profit booking in Technology stocks which triggered selling pressure in Banks, E&P and O&GMCs.

A rebound in buying activity brought back interest in PSO which helped pull stock price up by a good margin from LDCP.

Activity remained skewed towards GGL, UNITY, TRG and TELE which have made a robust rally in the past couple of months. Among scrips, WTL topped the volumes with 49.5 million shares, followed by TELE (49.1 million) and GGL (47.2 million).

Sectors contributing to the performance include E&P (+80 points), O&GMCs (+74 points), Vanaspati (+37 points), Technology (+30 points) and Fertilizer (+18 points).

Volumes increased from 437.4 million shares to 536.5 million shares (+23 percent DoD). Average traded value also increased by 14 percent to reach US$ 151 million as against US$ 151 million.

Stocks that contributed significantly to the volumes include WTL, TELE, GGL, UNITY and TRG, which formed 38 percent of total volumes.

Stocks that contributed positively to the index include PSO (+50 points), TRG (+43 points), UNITY (+37 points), MARI (+31 points) and PPL (+21 points). Stocks that contributed negatively include BAHL (-26 points), LUCK (-15 points), MCB (-14 points), SYS (-13 points) and ANL (-12 points).