Stock market gains 320 points amid cautious buying

Stock market gains 320 points amid cautious buying

KARACHI: The stock market gained 320 points on Tuesday in mixed trading activities as buyers adopted cautious stance.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,328 points as against 40,008 points showing an increase of 320 points.

Analysts at Arif Habib Limited said that the market oscillated between -553 points and +480 points today and closed the session +320 points.

The market opened on a negative note with -51 points and extended the losses later. Investors remained cautious in buying in oil chain, but gradually gained momentum by session end, which saw OGDC trading near upper circuit.

Food sector led the volumes with 28.6 million shares, followed by Technology (28.1 million) and Banks (27.9 million). Among scrips, FFL traded 25.9 million shares, followed by UNITY (13.4 million) and BOP (11.8 million).

Sectors contributing to the performance include E&P (+91 points), O&GMCs (+36 points), Power (+35 points), Cement (+32 points) and Fertilizer (+26 points).

Volumes increased from 179.1 million shares to 236.2 million shares (+32 percent DoD). Average traded value also increased by 25 percent to reach US$ 56.5 million as against US$ 44.9 million.

Stocks that contributed significantly to the volumes include FFL, UNITY, BOP, TRG and WTL, which formed 31 percent of total volumes.

Stocks that contributed positively include OGDC (+51 points), HUBC (+28 points), PPL (+23 points), LUCK (+22 points) and SNGP (+18 points). Stocks that contributed negatively include BAHL (-20 points), UBL (-10 points), SHFA (-8 points), BAFL (-5 points), and EFUG (-4 points).

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