KARACHI: The stock market gained 258 points on Monday while trading in range bound during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,674 points as against 43,417 points showing an increase of 258 points.
Analysts at Arif Habib Limited said that the market traded positive but range bound today by adding a total of 344 points during the session and closing the session +258 points.
Cement, Steel and Banking sector stocks faced selling pressure among which Cement sector stocks came down due to profit booking after posting highs today and in the rollover week.
Positivity came from O&GMCs, Fertilizer and Power sector which took cue from finalization of pending IMF review and govt.’s acceptance of the underlying terms.
Cement sector stocks initially hit a high on the news of construction of Dams, however, profit booking brought the stocks below respective LDCPs.
International crude oil prices rebounded during the session, however, muted positive response was only observed in OGDC and PPL. Among scrips, KEL topped the volumes with 46.1 million shares, followed by UNITY (31.8 million) and TRG (25.8 million).
Sectors contributing to the performance include Technology (+62 points), Banks (+37 points), O&GMCs (+29 points), Power (+28 points) and Vanaspati (+23 points).
Volumes declined from 570.5 million shares to 463.4 million shares (-19 percent DoD). Average traded value also declined by 26 percent to reach US$ 117.8 million as against US$ 159.1 million.
Stocks that contributed significantly to the volumes include KEL, UNITY, TRG, PRL and GGLR1, which formed 33 percent of total volumes.
Stocks that contributed positively to the index include TRG (+63 points), MEBL (+36 points), UNITY (+23 points), MCB (+17 points) and KEL (+17 points). Stocks that contributed negatively include POL (-13 points), LUCK (-10 points), UBL (-9 points), COLG (-8 points) and SYS (-8 points).
