Stock market gains 413 points amid buying activities

Stock market gains 413 points amid buying activities

KARACHI: The stock market gained 413 points on Wednesday as buying activities witnessed during the day after positive oil prices in international trade.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,695 points as against previous day’s close of 43,282 points showing an increase of 413 points.

Analysts at Arif Habib Limited said that the market regained the points lost yesterday in the aftermath of selling from financial institutions.

Buying activity was cautious in the beginning and gained momentum as the day progressed especially in the absence of active selling.

International crude oil prices traded positive but in a narrow band that offered no incentive for the seller to book profit at this stage.

Buying activity was witnessed in Textile, Banks and O&GMCs in anticipation of change / announcement of government policies. Among scrips, PRL led the table with 55.2 million shares, followed by TRG (31.2 million) and UNITY (18.5 million).

Sectors contributing to the performance include Technology (+92 points), Banks (+50 points), Textile (+44 points), E&P (+32 points), Food (+28 points).

Volumes declined from 501.4 million shares to 455.8 million shares (-9 percent DoD). Average traded value increased by 8 percent to reach US$ 141.4 million as against US$ 130.8 million.

Stocks that contributed significantly to the volumes include PRL, TRG, UNITY, HASCOL and KEL, which formed 30 percent of total volumes.

Stocks that contributed positively to the index include TRG (+63 points), SYS (+30 points), UBL (+29 points), POL (+25 points) and KTML (+18 points). Stocks that contributed negatively include BAHL (-27 points), FCCL (-5 points), KEL (-4 points), MARI (-3 points) and SHEL (-2 points).