Stock market gains 445 points as positive sentiments prevail

Stock market gains 445 points as positive sentiments prevail

KARACHI: The stock market gained 445 points on Friday as positive sentiments prevailed during the trading.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,798 points as against 40,354 points showing an increase of 445 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today, and after dipping 46 points earlier in the session, the index rebounded with the same vigor as observed in the past 2 sessions.

Overall, the Index posted an increase of 2230 points since the recent bottom touched on October 6, 2020. Banking and E&P sectors performed well on the back of quarterly earnings as well as an increase in international crude oil prices.

Among scrips, HASCOL led the volumes with 53.9 million shares, followed by UNITY (34.9 million) and TRG (21.4 million).

Sectors contributing to the performance include Banks (+136 points), E&P (+88 points), Power (+44 points), Textile (+35 points), Autos (+35 points).

Volumes declined from 476.8 million shares to 358.8 million shares (-25 percent DoD). Average traded value also declined by 24 percent to reach US$ 72.8 million as against US$ 96.2 million.

Stocks that contributed significantly to the volumes include HASCOL, UNITY, TRG, BOP and WTL, which formed 39 percent of total volumes.

Stocks that contributed positively to the index include HBL (+64 points), HUBC (+47 points), OGDC (+31 points), PPL (+29 points) and TRG (+27 points). Stocks that contributed negatively include PAKT (-14 points), HASCOL (-12 points), KEL (-5 points), NESTLE (-5 points) and ABOT (-4 points).

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