KARACHI: The stock market witnessed a gain of 457 points on Tuesday in mixed trading sessions. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 45,275 points as against the previous day’s closing of 44,818 points, showing an increase of 457 points.
Analysts at Arif Habib Limited said that initially the market traded in a narrow range, oscillating between -71 points and +120 points, but gathered pace by the end of session to add a total of 477 points, closing the session at a high note.
OGDC posted the result early on and declared below expectation dividend that dragged the price down.
The stock price went up (although remained below LDCP) after the announcement of a discovery.
Uptick was witnessed in Technology, Cement, Steel, Banks, O&GMCs and Refinery sectors.
POL added a formidable gain as an exception to OGDC and PPL. Tech sector saw AVN, TELE and NETSOL hitting upper circuits. Among scrips, TELE led the volumes with 35.8 million shares, followed by BYCO (33.5 million) and WTL (21.3 million).
Sectors contributing to the performance include Technology (+157 points), Refinery (+40 points), O&GMCs (+35 points), Fertilizer (+32 points) and Textile (+29 points).
Volumes increased from 301.9 million shares to 364.9 million shares (+21 per cent DoD). Average traded value also increased by 25 per cent to reach US$ 82.5 million as against US$ 65.7 million.
Stocks that contributed significantly to the volumes include TELE, BYCO, WTL, NCL and UNITY, which formed 34 per cent of total volumes.
Stocks that contributed positively to the index include TRG (+126 points), MEBL (+36 points), POL (+33 points), SYS (+26 points) and UNITY (+24 points). Stocks that contributed negatively include COLG (-24 points), MCB (-22 points), OGDC (-19 points), HMB (-11 points) and PPL (-8 points).