KARACHI: The stock market gained 369 points on Tuesday owing to positive sentiments after an announcement of COVID vaccine by an international pharma company.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,153 points as against 40,784 points showing an increase of 369 points.
Pfizer’s announcement of COVID vaccine turned global markets positive with the hope of resumption of pre-COVID business activities.
International crude oil prices went through the roof by jumping +9 percent DoD, whereas US markets went up by 5 percent and closed +2.5 percent.
Regional markets followed suit, however, the jump in the indices averaged 1.5 percent. Local bourse reacted positively as well, although the exuberance was much less.
Buying activity was more pronounced in E&P stocks, followed by Banks and O&GMCs, whereas Fertilizer went down by the close of session. Overall, the index posted an increase of 813 points and closed the session +369 points. TRG led the volumes table with 30.9 million shares, followed by PRL (23.2 million) and ASC (21.6 million).
Sectors contributing to the performance include E&P (+177 points), Banks (+136 points), Textile (+34 points), Fertilizer (+30 points) and O&GMCs (+24 points).
Volumes increased from 276.7 million shares to 356.0 million shares (+29 percent DoD). Average traded value also increased by 59 percent to reach US$ 95.4 million as against US$ 60 million.
Stocks that contributed significantly to the volumes include TRG, PRL, ASC, UNITY and POWER, which formed 33 percent of total volumes.
Stocks that contributed positively to the index include UBL (+66 points), PPL (+62 points), OGDC (+55 points), POL (+50 points) and ENGRO (+24 points). Stocks that contributed negatively include TRG (-32 points), PAKT (-13 points), MLCF (-5 points), FFC (-5 points) and EFUG (-5 points).
