Stock market gains 220 points on better results expectations

Stock market gains 220 points on better results expectations

KARACHI: The stock market gained 220 points on Monday as major scrips contributed positively after expectation of better financial results.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,088 points as against the closing of last Friday 45,868 points, showing an increase of +220 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today, which is also the first day of the rollover week.

Cement, Engineering (Steel), Power and O&GMCs contributed positively to the Index, in anticipation of better financial results of the outgoing quarter.

Technology stocks also contributed positively to the Index. Scrips that have high weightage in Futures contract subject to rollover traded in the positive zone, especially TRG and Netsol.

Among scrips, KEL topped the volumes with 36.6 million shares, followed by UNITY (35.9 million) and TRG (29.8 million). 

Sectors contributing to the performance include Technology (+96 points), Cement (+49 points), Pharma (+45 points), Fertilizer (+38 points) and Power (+22 points).

Volumes increased from 430.6 million shares to 470.1 million shares (+9 percent DoD). Average traded value also increased by 33 percent DoD to reach US$ 130.9 million as against US$ 98.4 million.

Stocks that contributed significantly to the volumes include KEL, UNITY, TRG, ANL and FFL, which formed 31 percent of total volumes.

Stocks that contributed positively to the index include TRG (+85 points), HUBC (+20 points), ANL (+17 points), UNITY (+17 points) and FFC (+17 points). Stocks that contributed negatively include HBL (-24 points), DAWH (-17 points), OGDC (-15 points), UBL (-13 points) and MEBL (-12 points).