Stock market gains 484 points on ease in border tension

KARACHI: The stock market on Friday gained 484 points owing to ease in tension on Pak-India borders.

The benchmark KSE-100 index closed at 39,539 points as against 39,055 points showing an increase of 484 points.

Analysts at Arif Habib Limited said that lessening of tension at the border between Pakistan and India gave the index a solid reason to leap forward although the volumes did not increase as much.

Blue chip stocks such as HBL, UBL, ENGRO, OGDC, PPL, POL contributed to todays’ performance.

Banking sector led the volumes table with 24 million shares (topped by BOP), which was followed by Engineering sector (Steel scrips).

Financial results of MUGHAL helped improved sectoral performance and otherwise had ISL as main contributor, both of which hit upper circuit and closed near day’s high.

Sectors contributing to the performance include Banks (+175 points), E&P (+93 points), Fertilizer (+56 points), O&GMCs (+29 points), Misc (+25 points).

Volumes declined from 159 million shares to 137 million shares (-14 percent DoD).

Average traded value remained unchanged at US$ 53 million.

Stocks that contributed significantly to the volumes include BOP, OGDC, KEL, PAEL and PIBTL, which formed 21 percent of total volumes.

Stocks that contributed positively include HBL (+76 points), OGDC (+56 points), DAWH (+38 points), BAHL (+36 points), and UBL (+33 points).

Stocks that contributed negatively include EFUG (-7 points), BAFL (-7 points), HMB (-6 points), ASTL (-3 points) and ICI (-3 points).