Stock market gains 55 points amid selling pressure

Stock market gains 55 points amid selling pressure

KARACHI: The stock market posted at gain o f 55 points on Tuesday after recovery from significant fall during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,127 points as against 39,072 points showing an increase of 55 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today, despite several negative closings in the past sessions.

After an initial buying span that contributed 277 points to the index, selling pressure resumed that eroded earlier gains and posted a total loss of 504 points.

During the session, the index moved in and out of green zone.

Although, international oil prices saw a rebound of approximate 5 percent, local E&P stocks failed to reflect the same during the session.

Cement sector saw active buying activity till the end of session that brought the index positive by adding +55 points.

Among scrips, HASCOL topped the volumes with 78 million shares, followed by UNITY (36.8 million) and TRG (29.4 million).

Sectors contributing to the performance include Cement (+15 points), Insurance (+11 points), O&GMCs (+11 points), Fertilizer (+8 points), E&P (-19 points), Banks (-7 points).

Volumes declined slightly from 409.9 million shares to 406.0 million shares (-1 percent DoD). Average traded value also declined by 2 percent to reach US$ 75.3 million as against US$ 76.7 million.

Stocks that contributed significantly to the volumes include HASCOL, UNITY, TRG, PRL and FFL, which formed 43 percent of total volumes.

Stocks that contributed positively to the index include BAFL (+12 points), SEARL (+12 points), ENGRO (+9 points), NBP (+8 points) and EPCL (+7 points). Stocks that contributed negatively include BAHL (-12 points), OGDC (-11 points), TRG (-7 points), DAWH (-6 points) and HBL (-6 points).

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