Stock market gains 593 points on deferment in opposition protests

Stock market gains 593 points on deferment in opposition protests

KARACHI: The stock market gained 593 points on Wednesday owing to the opposition’s decision to defer the plan of country wise demonstration.

The benchmark KSE-100 index closed at 45,450 points as against previous day’s close of 44,857 points, showing an increase of 593 points.

Analysts at Arif Habib Limited said that the market continued ramping up after clarity on political front, whereby PDM (an alliance of opposition parties) put their plans for country wide demonstration in abeyance.

Resultantly, investors took interest across the board with particular focus on tech stocks, followed by Banks, Cement, O&GMCs, E&P sectors.

Rupee’s persistent appreciation also contributed to the positivity, along with news that the government is engaging banks to launch international bonds for external financing.

Among scrips, TRG led the volumes with 34.4 million shares, followed by BYCO (31.6 million) and PRL (26.7 million).

Sectors contributing to the performance include Banks (+175 points), Tech (+94 points), Cement (+59 points), E&P (+50 points) and Fertilizer (+40 points).

Volumes increased from 408.4 million shares to 510.4 million shares (+25 percent DoD). Average traded value also increased by 25 percent to reach US$ 160 million as against US$ 128.3 million.

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

Stocks that contributed positively to the index include TRG (+100 points), UBL (+59 points), HBL (+45 points), PPL (+24 points) and MCB (+23 points). Stocks that contributed negatively include SYS (-7 points), AICL (-5 points), KAPCO (-5 points), PMPK (-5 points) and HUBC(-4 points).

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