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Pakistan Stock Exchange

Stock market gains 262 points on corporate results

KARACHI: The stock market gained 262 points on Wednesday as investors were remained positive on quarterly financial corporate results.

The benchmark KSE-100 index closed at 45,311 points as against previous day’s closing of 45,048 points, showing an increase of 262 points.

Analysts at Arif Habib Limited said that first day of Ramadan marked positive opening for the benchmark KSE100 index with an overall increase of 299 points during the session and closed +262 points.

Proximity to announcement of quarterly corporate results made investors take a positive view on the market. Buying activity was observed in cyclical sectors such as Autos, Cement and Steel. O&GMCs saw SNGP performing, besides Refinery and Technology stocks where NETSOL hit upper circuit today.

Among scrips, FNEL remained the volume leader with 43.1 million, followed by MDTL (20.2 million) and GGL (19.5 million).

Sectors contributing to the performance include Technology (+46 points), Cement (+35 points), Banks (+29 points), E&P (+26 points) and Refinery (+24 points).

Volumes declined from 473.4 million shares to 341.9 million shares (-28 percent DoD). Average traded value also declined by 11 percent to reach US$ 108.5 million as against US$ 120.7 million.

Stocks that contributed significantly to the volumes include FNEL, MDTL, GGL, TRG and WTL, which formed 35 percent of total volumes.

Stocks that contributed positively to the index include TRG (+32 points), FFC (+19 points), HBL (+19 points), LUCK (+18 points) and ATRL (+17 points). Stocks that contributed negatively include MCB (-12 points), POL (-9 points), ABL (-4 points), KTML (-3 points) and UNITY (-3 points).