KARACHI: The stock market gained 228 points on Thursday after a downward adjustment witnessed yesterday.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,625 points as against previous day’s closing of 46,397 points.
Analysts at Arif Habib Limited said that the market moved up today after downward adjustment witnessed yesterday in the outcome of MSCI reclassification of Pakistan from Emerging market to Frontier market.
Technology, Cement, O&GMCs, Fertilizer sector stocks performed well. Steel and Refinery sectors remained laggard today.
Octopus Digital scored high on the first day of its IPO, where the target quantity was met in the first 24 mins after opening of bidding session, whereas the total bid size against issue size of 27.35 million shares crossed 6x on the first day.
This helped AVN hit upper circuit, which is the parent company of Octopus digital. Among scrips, GGL traded the most with 56.6 million shares, followed by TELE (41.1 million) and WTL (20.3 million).
Sectors contributing to the performance include Technology (+58 points), Banks (+49 points), Misc (+38 points), Fertilizer (+36 points), and E&P (+31 points).
Volumes declined from 477.8 million shares to 396.4 million shares (-17 per cent DoD). Average traded value however, increased by USD 98.6 million as against USD 87.6 million.
Stocks that contributed significantly to the volumes include GGL, TELE, WTL, TPL and SERFR, which formed 38 per cent of total volumes.
Stocks that contributed positively to the index include PSEL (+43 points), TRG (+34 points), MEBL (+32 points), SYS (+28 points) and ENGRO (+24 points). Stocks that contributed negatively include LUCK (-42 points), HBL (-18 points), PAKT (-8 points), CHCC (-7 points) and PSX (-5 points).
