Stock market gains 55 points amid selling pressure

Stock market gains 55 points amid selling pressure

KARACHI: The stock exchange gained 55 points on Monday amid selling pressure seen in banks and fertilizer sectors, analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,111 points as against 41,056 points showing an increase of 55 points.

Analysts at Arif Habib Limited said that the market gained a total of 255 points during the session, however, due to selling pressure in Banks and Fertilizer sectors the index saw erosion of all the gains.

The index closed 55 points, which was caused by an increase in stock prices of PPL and OGDC during last half hour.

Cement sector performed well today, which saw DGKC, LUCK and KOHC contributing positively to the Index.

Cement sector realized the most volumes with 81.4 million shares, followed by Banks (71.7 million) and Technology (61.1 million). Among scrips BIPL topped the volumes with TRG (40 million) and POWERR1 (32 million).

Sectors contributing to the performance include Cement (+50 points), E&P (+46 points), Tobacco (+27 points), Power (+22 points), Technology (-53 points), Banks (-41 points) and Fertilizer (-20 points).

Volumes increased from 238.5 million shares to 451.7 million shares (+89 percent DoD). Average traded value also increased by 94 percent to reach US$ 97.3 million as against US$ 50.2 million.

Stocks that contributed significantly to the volumes include BIPL, TRG, POWERR1, PRL and HASCOL, which formed 35 percent of total volumes.

Stocks that contributed positively to the index include MARI (+28 points), PPL (+28 points), PAKT (+27 points), LUCK (+26 points) and HUBC (+19 points). Stocks that contributed negatively include TRG (-46 points), UBL (-21 points), POL (-19 points), ENGRO (-13 points) and HBL (-12 points).