Stock market gains 194 points as energy sector recovers

Stock market gains 194 points as energy sector recovers

KARACHI: The stock market gained 194 points on Tuesday as energy sector staged recovery on improved international oil prices.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,019 points as against 33,824 points showing an increase of 194 points.

Analysts at Arif Habib Limited said that the market bounced back after realizing a loss of 787 points in yesterday’s session (post budget), and posted recovery of 314 points during the session. International crude prices improved overnight that helped E&P, OMCs and Refineries to stage recovery.

Cement and Steel sectors also saw renewed buying interest, however, overall stock prices did not cross yesterday’s High. Chemical sector posted highest trading volumes with 28.7 million shares, followed by Technology (27.9 million) and Vanaspati (20.6 million).

Among scrips, UNITY topped the volumes with 20.6 million shares, followed by AGL (11 million) and TPL (8 million).

Sectors contributing to the performance include E&P (+65 points), Banks (+32 points), Power (+23 points), O&GMCs (21 points) and Pharma (+12 points).

Volumes declined from 262.8 million shares to 217.4 million shares (-17 percent DoD). Average traded value also declined by 21 percent to reach US$ 39.5 million as against US$ 50.2 million.

Stocks that contributed significantly to the volumes include UNITY, AGL, TPL, LOTCHEM and HUMNL, which formed 26 percent of total volumes.

Stocks that contributed positively to the index include HUBC (+19 points), POL (+18 points), OGDC (+18 points), PPL (+15 points) and MARI (+15 points). Stocks that contributed negatively include FFC (-16 points), NESTLE (-14 points), IGIHL (-12 points), BAFL (-8 points), and LUCK (-8 points).