Stock market gains 533 points amid buying

Stock market gains 533 points amid buying

KARACHI: The stock market gained 533 points on Thursday and made a closing hour recovery due to buying after a bearish movement earlier in the day.

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gained 533 points to close at 44,900 points from the previous day’s closing of 44,367 points.

Analysts at Topline Securities said that the market opened on a negative note to continue its bearish movement, as KSE 100 index declined to make an intraday low of 395 points.

However stark recovery was observed in the closing hours of the trade, as the index gained to close at 44,900 level (up by 1.2 per cent).

Major contributions to the index came from MEBL, KEL, PPL, OGDC and LUCK, as they cumulatively contributed 348 points to the index.

Traded volume and value for the day stood at 372 million shares and Rs.13.76 billion respectively.

KEL was today`s volume leader with 32.5 million shares.

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