Stock market gains 512 points amid highest ever volumes

Stock market gains 512 points amid highest ever volumes

KARACHI: The stock market gained 512 points on Wednesday amid the highest ever volumes, analysts said. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,812 points as against previous day’s closing of 46,300 points, showing an increase of 512 points.

The analysts at Arif Habib Limited said that historic day at PSX that saw highest ever trading volumes of 1.560 billion shares, courtesy of WTL which realized trading volume of 706.5 million shares.

Though E&P and Banking sector stocks helped the index maintain the momentum, the real head turners were the Technology and Telecommunication sectors where listed scrips of IT and Media made the sentiment.

WTL, HUMNL, MDTL, PTC, TELE, AVN and UNITY remained in the limelight today. Among scrips, WTL led the table with 706.5 million shares, followed by HUMNL (112.3 million) and UNITY (45.1 million).

Sectors contributing to the performance include Banks (+147 points), Technology (+99 points), E&P (+73 points), Textile (+46 points) and Power (+28 points).

Volumes increased from 677.3 million shares to 1,563 million shares (+131 percent DoD). Average traded value also increased by 21 percent to reach US$ 183.1 million as against US$ 151.8 million.

Stocks that contributed significantly to the volumes include WTL, HUMNL, UNITY, BYCO and PIAA, which formed 60 percent of total volumes.

Stocks that contributed positively to the index include TRG (+72 points), OGDC (+45 points), PPL (+30 points), MCB (+29 points) and BAFL (+28 points). Stocks that contributed negatively include FFC (-22 points), FCCL (-9 points), MLCF (-8 points), EPCL (-5 points) and PAKT (-4 points).