Stock market gains 231 points ahead prolong Eid holidays

Stock market gains 231 points ahead prolong Eid holidays

KARACHI: The stock market gained 231 points on Thursday despite extended holidays announced for Eid ul Fitr. The stock market will reopen on May 17, 2021.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,175 points as against previous day’s closing of 44,944 points, showing an increase of 231 points.

Analysts at Arif Habib Limited said that the market opened on a positive note and after sustaining a short dip of 54 points below LDCP, bounced back, closing the session on a strong note at 231 points.

Cement, Fertilizer, Refinery and Technology stocks kept the interest alive and despite a long vacation investors took a long bet.

Trading volumes remained tilted towards off main board in WTL, TELE, however regardless of the recent onslaught on TRG and NETSOL, buying interest brought the stocks prices of pertinent stocks up generating considerable interest. Among scrips, WTL topped the volumes with 80.3 million shares, followed by TRG (14.7 million) and TELE (12.7 million).

Sectors contributing to the performance include Cement (+80 points), Banks (+55 points), Technology (+33 points), Tobacco (+25 points), Power (+14 points), E&P (-30 points) and Chemical (-11 points).

Volumes declined from 259.8 million shares to 245.6 million shares (-6 percent DoD). Average traded value also declined by 36 percent to reach US$ 62.1 million as against US$ 96.7 million.

Stocks that contributed significantly to the volumes include WTL, TRG, TELE, UNITY and GGL, which formed 53 percent of total volumes.

Stocks that contributed positively to the index include LUCK (+61 points), TRG (+37 points), BAFL (+26 points), PAKT (+25 points) and KAPCO (+14 points). Stocks that contributed negatively include UBL (-20 points), EPCL (-13 points), POL (-12 points), MARI (-10 points) and PPL (-10 points).

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