KARACHI: The stock market gained 281 points on Friday owing to buying activities seen in various sectors.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,033 points as against 32,752 points showing an increase of 281 points.
Analysts at Arif Habib Limited said that buying activity was mainly seen in Cement and Steel sectors, and was further aided by O&GMCs, E&P and Banks.
Optimism in the market is fueled by the meeting of leading businessmen with the Army Chief, the Prime Minister and his Economic team and has given hope to market participants of resolution of issues that were affecting the bourse for long.
Technology Sector topped the volumes with 50.1 million shares followed by Cement (35.8 million) and Engineering (+31.1 million).
Among scrips, WTL stood out with 33.2 million shares along with DSL (15.2 million) and UNITY (13.5 million).
Sectors contributing to the performance include E&P (+60 points), Banks (+36 points), O&GMCs (+35 points), Fertilizer (+31 points), Power (+30 points).
Volumes declined as compared to yesterday from 324 million shares to 261.7 million shares (-19 percent DoD). Average traded value also declined by 18 percent to reach US$ 47.7 million as against US$ 58.2 million.
Stocks that contributed significantly to the volumes include WTL, DSL, UNITY, MLCF and TRG, which formed 32 percent of total volumes.
Stocks that contributed positively include OGDC (+36 points), HUBC (+22 points), NBP (+18 points), SNGP (+18 points) and ENGRO (+16 points). Stocks that contributed negatively include UBL (-12 points), COLG (-11 points), EPCL (-3 points), FCCL (-3 points), and PIBTL (-3 points).
