Stock market gains 295 points in mixed trading activities

KARACHI: The stock market gained 295 points on Wednesday in mixed trading activities.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,653 points as against 35,358 points showing an increase of +295 points.

Analysts at Arif Habib Limited said that the market showed early signs of resistance today, where the index increased by 627 points during the session, but selling pressure brought the net gain to +295 points in the end.

Buying activity was evident across the board, on the back of reduction in NSS rates.

That gave confidence to investors for further accumulation, despite index already registering a significant surge.

Overall trading volumes registered close to 300 million – mark, an inch below yesterday’s levels. Cement sector led the volumes with 45.1 million shares, followed by Chemical (29.5 million) and Technology (28 million).

Among scrips, WTL again led the volumes with 15.8 million shares, followed by FCCL (15.7 million) and KEL (14.7 million).

Sectors contributing to the performance include Cement (+53 points), Inv Banks (+45 points), Fertilizer (+25 points), Food (+24 points) and Tobacco (+23 points).

Volumes declined from 297.6 million as against 308.5 million (-4 percent DoD). Average traded value, on the contrary, increased by 21 percent to reach US$ 67.6 million as against 55.8 million.

Stocks that contributed significantly to the volumes include WTL, FCCL, KEL, UNITY and PAEL, which formed 25 percent of total volumes.

Stocks that contributed positively include DAWH (+42 points), PAKT (+31 points), PPL (+22 points), LUCK (+20 points) and EFERT (+16 points). Stocks that contributed negatively include OGDC (-14 points), POL (-10 points), PMPK (-7 points), FFC (-7 points), and COLG (-6 points).

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