Stock market gains 39 points in range bound trading

Stock market gains 39 points in range bound trading

KARACHI: The stock exchange gained 39 points on Monday in range bound trading activities.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,873 points. The market closed at 47,834 points last Friday, showing an increase of 39 points.

Analysts at Arif Habib Limited said that the market traded in a narrow range.

Being a short trading week, investors were reluctant to go long. They preferred to close the intra-day positions regardless of the pertinent stock prices.

The falling rupee value adversely affected many scrips. However, SNGP and SSGC hitting upper circuit on the back of High Court’s decision. The court has decided in favor of gas utilities to maintain transmission UFG benchmark.

Technology stocks saw consistent upward movement in AVN. It hits upper circuit and an uptick in SYS that maintained such levels till end. Among scrips, BYCO topped the volumes with 24.2 million shares, followed by DNCCR (23.1 million) and SNGP (18.5 million).

Sectors witnessed improvement are include: Misc (+33 points), O&GMCs (+29 points). Further Banks (+18 points), Autos (+10 points), Cement (-24pt) and Technology (-14 points) have also seen improvement.

Volumes declined further from 348.5 million shares to 320.9 million shares (-8 per cent DoD). Average traded value also declined by 18 per cent to reach US$ 73.9 million as against US$ 90.3 million.

Stocks that contributed significantly to the volumes include BYCO, DNCCR, SNGP, ASC and TREET. They formed 29 per cent of total volumes.

Stocks contributed positively to the index included: PSEL (+33 points) and SNGP (+25 points). Further MEBL (+12 points), FFC (+11 points) and SSGC (+8 points) have also contributed. Stocks contributed negatively include LUCK (-22 points), TRG (-21 points), ENGRO (-12 points), HBL (-10 points) and BAFL (-8 points).

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