KARACHI: The stock market gained 559 points on Friday as investors posed confidence on the prime minister’s decision to take vote of confidence from the National Assembly.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,837 points as against previous day’s close of 45,279 points, showing an increase of 559 points.
Analysts at Arif Habib Limited said that the market partially recovered the points lost in yesterday’s trading.
Investors largely banked on Prime Minister’s Vote of Confidence, scheduled for tomorrow, which was further aided by release of SPI (Sensitive Price Index) data that showed a surprise jump of 15 percent YoY, prompting an active buying in Banks.
About 5 percent jump in international crude oil prices also favoured otherwise lethargic E&P sector, which also contributed to the surge in Index. Among scrips, ANL topped the volumes with 29.2 million shares, followed by TRG (21.1 million) and PRL (17.8 million).
Sectors contributing to the performance include Banks (+135 points), E&P (+132 points), Cement (+59 points), Fertilizer (+52 points) and Power (+51 points).
Volumes declined from 441 million shares to 317.2 million shares (-28 percent DoD). Average traded value also declined by 25 percent to reach US$ 101.5 million as against US$ 135.1 million.
Stocks that contributed significantly to the volumes include ANL, TRG, PRL, GGL and FFBL, which formed 32 percent of total volumes.
Stocks that contributed positively to the index include POL (+46 points), OGDC (+42 points), HBL (+37 points), LUCK (+35 points) and TRG (+33 points). Stocks that contributed negatively include COLG (-15 points), PAKT (-12 points), AICL (-2 points), PSX (-2 points) and PSMC (-2 points).