Stock market gains 567 points on improved remittances

Stock market gains 567 points on improved remittances

KARACHI: The stock market gained 567 points on Monday owing to rise in foreign remittances and expectations of better financial results.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,375 points as against 45,808 points showing an increase of 567 points.

Analysts at Arif Habib Limited said that the market priced in the positive fundamentals relating to foreign remittances as well as the expectation of better quarterly results of the corporate sector, which has so far posted +60 percent growth.

Cement sector continued uptrend on the prospects of better results, whereas E&P sector benefited from an increase in international crude oil prices.

Selling pressure witnessed last week from institutional and foreign investors subsided in banks and fertilizer sectors that resulted in improved performance across the board.

EFERT declared financial results along with dividend that brought support to the benchmark Index from overall fertilizer sector.

Similarly, HBL & UBL rebounded cautiously during the session, adding contribution to the Index. Among scrips, WTL topped the volumes with 40.3 million shares, followed by MLCF (35.6 million) and TELE (28.7 million).

Sectors contributing to the performance include E&P (+116 points), Technology (+73 points), Cement (+67 points), Pharma (+48 points) and Banks (+46 points).

Volumes increased from 442.7 million shares to 486.4 million shares (+10 percent DoD). Average traded value also increased by 19 percent to reach US$ 155.9 million as against US$ 131.2 million.

Stocks that contributed significantly to the volumes include WTL, MLCF, TELE, ANL and HUMNL, which formed 31 percent of total volumes.

Stocks that contributed positively to the index include OGDC (+54 points), TRG (+45 points), DAWH (+33 points), DGKC (+33 points) and SYS (+30 points).

Stocks that contributed negatively include HUBC (-8 points), FFC (-7 points), NBP (-6 points), KOHC (-6 points) and BAFL (-6 points).