KARACHI: The stock market gained 399 points on Monday as positive sentiment prevailed due to higher international oil prices and expected cut in duty and taxes on imported raw material.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,750 points as against 34,350 points showing an increase of 399 points.
Analysts at Arif Habib Limited said that the international crude prices helped propped market today, gaining 419 points during the session and closing near high levels.
E&P and OMCs realized price gains, whereas cement sector performed as well.
Expectation of cut in duties and taxes related to raw material gave some excitement to otherwise cautious investors, resulting in increased volumes in cement, steel and pharmaceutical sectors.
Banking sector also performed well, mainly courtesy of HBL, UBL and MCB and helped Index post decent gains.
Technology stocks posted trading volume of 38.1 million shares, followed by Cement (32.7 million) and O&GMCs (15.9 million).
Among scrips, TRG topped the index with 19.5 million shares, followed by PRL (18.8 million) and HASCOL (13.1 million).
Sectors contributing to the performance include E&P (+134 points), Banks (+86 points), Cement (+49 points), Technology (+33 points), Pharma (+28 points) and Power (-17 points).
Volumes increased from 89.1 million shares to 222.4 million shares (+150 percent DoD). Average traded value also increased by 119 percent to reach US$ 53.1 million as against US$ 24.3 million.
Stocks that contributed significantly to the volumes include TRG, HASCOL, MLCF, HUMNL and PIOC, which formed 29 percent of total volumes.
Stocks that contributed positively to the index include MCB (+53 points), POL (+52 points), UBL (+36 points), PPL (+35 points) and OGDC (+32 points). Stocks that contributed negatively include HUBC (-17 points), BAHL (-14 points), DAWH (-14 points), MEBL (-7 points), and COLG (-7 points).