Stock market gains 54 points in narrow range trading

Stock market gains 54 points in narrow range trading

KARACHI: The stock market gained 54 points on Tuesday while trading in narrow range trading.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,803 points as against 34,750 points showing an increase of 54 points.

Analysts at Arif Habib Limited said that the market traded in a narrow range today between -61 points and +106 points, closing the session +54 points.

Decline in international crude oil prices brought oil stocks down, including OGDC, PPL and PSO, which kept selling pressure on the Index.

Fertilizer and Pharma sector was not much different and realized profit booking. LOTCHEM posted highest volumes in recent times to the tune of 36.2 million shares.

Among Banks, HBL posted nominal gains but remained largely positive throughout the session due to dividend being part of the price.

Auto sector performed well on the expectation of incentives to be offered in the upcoming budget. Chemical sector realized trading volumes of 47.1 million shares, followed by Technology (22.9 million) and Cement (21.2 million).

Among scrips, LOTCHEM topped the chart, followed by JSCL (13.3 million) and PRL (9.8 million).

Sectors contributing to the performance include Banks (+61 points), Cement (+19 points), Textile (+16 points), E&P (-39 points), Power (-23 points) and Fertilizer (-12 points).

Volumes increased from 222.4 million shares as against 238.3 million shares (+7 percent DoD). Average traded value also increased by 5 percent to reach US$ 55.6 million as against US$ 53.1 million.

Stocks that contributed significantly to the volumes include LOTCHEM, JSCL, PRLR1, TRG and PIBTL, which formed 32 percent of total volumes.

Stocks that contributed positively to the index include UBL (+30 points), LUCK (+27 points), DAWH (+14 points), AGP (+13 points) and NESTLE (+11 points). Stocks that contributed negatively include PPL (-23 points), HUBC (-19 points), ENGRO (-10 points), POL (-9 points), and PAKT (-7 points).