Stock market gains 422 points ahead Eid holidays

Stock market gains 422 points ahead Eid holidays

KARACHI: The stock market gained 422 points on Thursday on the last trading day ahead of Eid holidays.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,258 points as against 38,836 points showing an increase of 422 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today with +97 points, also being the last trading day before the long weekend.

Power, Banks, Cement, Pharma, OMCs and Refinery helped the index post a total gain of 434 points and closing the session near session high.

Privatization Commission’s deliberation on OGDC and PPL brought both the stocks down, however, despite price drop and high volumes the index didn’t bear any reflection.

Technology sector topped the volumes with 57.7 million shares, followed by Cement (47.5 million) and Transport (43.8 million). Among scrips, PIBTL led the volumes with 43.3 million shares, followed by TRG (27.9 million) and PAEL (18 million).

Sectors contributing to the performance include Cement (+75 points), Banks (+70 points), Fertilizer (+54 points), Pharma (+51 points) and Autos (+45 points).

Volumes declined from 508.3 million shares to 368.1 million shares (-28 percent DoD). Average traded value also declined by 19 percent to reach US$ 102.2 million as against US$ 126.2 million.

Stocks that contributed significantly to the volumes include PIBTL, TRG, PAEL, MLCF and WTL, which formed 33 percent of total volumes.

Stocks that contributed positively to the index include LUCK (+37 points), SEARL (+35 points), HUBC (+30 points), TRG (+28 points) and ENGRO (+25 points). Stocks that contributed negatively include PPL (-22 points), OGDC (-11 points), NATF (-4 points), BAFL (-4 points), and AICL (-4 points).