Stock market gains 241 points on political tension ease

Stock market gains 241 points on political tension ease

KARACHI: The stock market gained 241 points on Wednesday after ease in tension on political front.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,440 points as against 33,199 points showing an increase of 241 points.

Analysts at Arif Habib Limited said that the market responded positively to an earlier rumor of rapprochement between Government and JUI (F) on protest and long march. The rumor became news by the end of the session.

Prior to MoC, the index realized an upside of 441 points and during MoC sustained loss of approx. 150 points due to selling pressure in leading Cement sector scrips. DGKC, LUCK and MLCF saw selling pressure on the back of expectation of loss in the upcoming quarterly financials, due to be announced in the coming days.

E&P Sector responded positively to the increase in international crude prices, witnessed in the morning and maintained the levels, although crude prices went down later during the day.

Besides, banking sector also retained interest from investors, which helped the index trade at elevated levels.

Technology sector led the volumes table with 176 million shares, followed by Cement (11.5 million) and Chemical (10.2 million).

Among scrips, WTL registered 12.6 million shares, followed by LOTCHEM (6.7 million) and QUICE (6.6 million).

Sectors contributing to the performance include E&P (+96 points), Fertilizer (+52 points), Banks (+44 points), Food (+20 points), Transport (+12 points) and Miscellaneous (-17 points).

Volumes increased from 83.6 million shares to 116.9 million shares (+40 percent DoD). Average traded value also increased by 13 percent to reach US$ 23 million as against US$ 20.5 million.

Stocks that contributed significantly to the volumes include WTL, LOTCHEM, QUICE, UNITY and BOP, which formed 30 percent of total volumes.

Stocks that contributed positively include ENGRO (+42 points), OGDC (+30 points), MCB (+28 points), POL (+27 points) and PPL (+24 points). Stocks that contributed negatively include PSEL (-17 points), LUCK (-9 points), DAWH (-8 points), KAPCO (-7 points), and KTML (-5 points).