Stock market gains 482 points on buying activities

Stock market gains 482 points on buying activities

KARACHI: The stock market gained 482 points on Wednesday owing to buying activities were observed in major scrips.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,271 points as against 39,789 points showing an increase of 482 points.

Analysts at Arif Habib Limited said that the market took a dip today as well, following yesterday’s slide of around 400 points, and fell by 129 points during the session.

The benchmark index, however, came back strongly and went +518 points by close of session. Market closed +482 points. Buying activity was seen Cement, Autos, Steel and Banking sectors.

During the session, CPI numbers were released as well, which were higher than street consensus, but couldn’t dent the buying activity much. Cement sector led the volumes with 62.8 million shares, followed by Chemical (41.9 million) and Banks (31.8 million).

Among scrips, UNITY led the table with 26.8 million, followed by LOTCHEM (17.7 million) and KEL (15.9 million).

Sectors contributing to the performance include Banks (+124 points), Cement (+69 points), O&GMCs (+53 points), E&P (+28 points) and Pharmaceuticals (+27 points).

Volumes declined from 449 million shares to 393 million shares (-13 percent DoD). Average traded value increased by 2.2 percent to reach US$ 95 million as against 93 million.

Stocks that contributed significantly to the volumes include UNITY, LOTCHEM, KEL, FFL and MLCF, which formed 22 percent of total volumes.

Stocks that contributed positively include PSO (+41 points), LUCK (+34 points), MCB (+32 points), UBL (+31 points) and DGKC (+17 points).

Stocks that contributed negatively include ENGRO (-18 points), KEL (-4 points), NATF (-4 points), NESTLE (-3 points), and HASCOL (-2 points).