Stock market gains 59 points in mixed trading

Stock market gains 59 points in mixed trading

KARACHI: The stock market increased by 59 points on Tuesday in mixed trading sessions during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,491 points as against previous day’s closing of 43,755 points, showing an increase of 59 points.

Analysts at Arif Habib Limited said that the market reacted passively to the partial changes made by the Government in Finance & Petroleum Ministries with Index oscillating between -232 points and +377 points, closing the session +178 points (unadjusted).

Last half an hour of closing saw brisk buying and rapid recovery although the session saw dull activity for good part of the session.

News reports indicated further changes in the Federal cabinet in offing, which will be announced later today and finalized by Thursday.

This kept Investors perturbed about the changes made in key ministries and impact thereof on policy measures taken in the past several months. UNITY rebounded well to trade near upper circuit by the end of session, whereas tech and refinery stocks also garnered support.

Among scrips, BYCO realized trading volume of 45.8 million shares, followed by TRG (35.2 million) and UNITY (30.8 million).

Sectors contributing to the performance include Banks (+58 points), Autos (+32 points), Cement (+20 points), Chemical (+14 points), E&P (-39 points), Power (-36 points) and Tobacco (-18 points).

Volumes declined from 523.8 million shares to 339 million shares (-35 percent DoD). Average traded value also declined by 12 percent to reach US$ 135.6 million as against US$ 153.6 million.

Stocks that contributed significantly to the volumes include UNITY, PRL, NETSOL, HUMNL and TELE, which formed 28 percent of total volumes.

Stocks that contributed positively to the index include MCB (+57 points), FFC (+21 points), INDU (+11 points), FFBL (+11 points) and PAEL (+10 points). Stocks that contributed negatively include ENGRO (-39 points), HUBC (-32 points), MARI (-28 points), PAKT (-16 points) and UBL (-16 points).

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