Stock market gains 39 points amid selling pressure

Stock market gains 39 points amid selling pressure

KARACHI: The stock market gained 39 points on Monday despite selling pressure seen in major scrips.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,888 points as against 40,849 points showing an increase of 39 points.

Analysts at Arif Habib Limited said that during the session market went up by 447 points, however, MoC saw erosion of all the gains and Index slipping by 33 points.

Selling pressure was mainly observed in Banking and E&P sectors.

Trading activity was mainly tilted towards year end closing activity, which propped up price of ENGRO, LUCK, HUBC and supported the index as well.

Power Sector saw trading volumes of 24.7 million shares, followed by Banks (18.6 million) and Cement (17.3 million).

Among scrips, KEL traded 19.1 million shares, followed by UNITY (10.7 million) and WTL (9.1 million).

Sectors contributing to the performance include Fertilizer (+62 points), Power (+45 points), Cement (+34 points), O&GMCs (+20 points), Banks (-153 points) and E&P (-29 points).

Volumes declined significantly from 237.6 million shares to 165.8 million shares. Average traded value also declined by 30 percent to reach US$ 42.8 million as against US$ 61.2 million.

Stocks that contributed significantly to the volumes include KEL, UNITY, WTL, BOP and FFL, which formed 32 percent of total volumes.

Stocks that contributed positively include ENGRO (+74 points), LUCK (+30 points), HUBC (+22 points), KEL (+18 points) and PSO (+12 points). Stocks that contributed negatively include HBL (-63 points), MCB (-35 points), FFC (-27 points), UBL (-23 points), and BAHL (-21 points).