Stock market gains 474 points on positive economic indicators

Stock market gains 474 points on positive economic indicators

KARACHI: The stock market gained 474 points on Thursday on financing minister’s comments while disclosing economic survey of Pakistan for outgoing fiscal year.

The benchmark KSE-100 index closed at 48,252 points as against previous day’s closing of 47,778 points, showing an increase of 474 points.

Analysts at Arif Habib Limited said that the market traded positively, adding a total of 510 points on the bourse and closed the session at a bullish note with 474 points.

Banks, Fertilizer, Cement, Technology stocks ruled the day. Finance Minister’s comments while disclosing Economic Survey also helped the market propel.

Trading volumes remained healthy today, though WTL traded roughly half the volume it did yesterday. Scrips that led the volumes table include WTL, with 327.9 million shares, followed by KEL (48.8 million) and HUMNL (43.1 million).

Sectors contributing to the performance include Technology (+155 points), Banks (+116 points), Fertilizer (+65 points), Vanaspati (+36 points) and Textile (+33 points).

Volumes declined from 135.1 million shares to 1,039.4 million shares (-23 percent DoD). Average traded value increased by 14 percent to reach US$ 169 million as against US$ 148.7 million.

Stocks that contributed significantly to the volumes include WTL, KEL, HUMNL, UNITY and PACE, which formed 48 percent of total volumes.

Stocks that contributed positively to the index include TRG (+128 points), UNITY (+36 points), HBL (+32 points), UBL (+25 points) and SYS (+24 points). Stocks that contributed negatively include HUBC (-13 points), PPL (-13 points), INDU (-9 points), INIL (-8 points) and DAWH (-7 points).

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