Stock market gains 44 points amid rang bound trading

Stock market gains 44 points amid rang bound trading

KARACHI: The stock market gained 44 points on Wednesday amid range bound trading during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,197 points as against 41,153 points showing an increase of 44 points.

Analysts at Arif Habib Limited said that the market traded range bound today between +177 points and -253 points, closing the session +44 points.

International crude oil prices (+3.5 percent) helped E&P sector to post hefty price gains, however, market’s fear of unknown that emanates from developing political wrangling between the Opposition and the Incumbent Govt. kept the increase in Index in check.

Cement Sector stocks saw selling pressure on the expectation of decline in monthly dispatches based on the first week of November. Fertilizer, O&GMCs and Banking sector stocks remained subdued due to somber investor sentiment.

Overall volumes also dropped over the day due to investor sentiment. Among scrips, BIPL topped the volumes with 31.5 million shares, followed by TRG (25 million) and KEL (16.3 million).

Volumes declined from 355.9 million shares to 244.3 million shares (-31 percent DoD). Average traded value also declined by 43 percent to reach US$ 54.6 million as against US$ 95.5 million.

Sectors contributing to the performance include E&P (+130 points), Banks (+35 points), Technology (+22 points), Cement (-62 points) and Power (-11 points).

Stocks that contributed significantly to the volumes include BIPL, TRG, KEL, ASC and POWER, which formed 42 percent of total volumes.

Stocks that contributed positively to the index include OGDC (+55 points), PPL (+37 points), HBL (+36 points), POL (+25 points) and TRG (+16 points). Stocks that contributed negatively include LUCK (-25 points), ENGRO (-17 points), MLCF (-9 points), CHCC (-8 points) and KEL (-8 points).

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