Stock market gains 605 points on positive sentiments

Stock market gains 605 points on positive sentiments

KARACHI: The stock market gained 605 points on Wednesday owing to positive sentiments prevailed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,159 points as against 32,553 points showing an increase of 605 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today with +211 points at the opening bell.

The benchmark index gained 605 points during the session and closed at session’s high.

Oil stocks got traction from positive trend in international crude oil price (WTI) that increased by 14 percent and helped E&P stocks to post price gains.

Cement sector maintained the momentum throughout the day, except for realizing profit booking by the end of session, showing signs of regression in DGKC.

Banking sector stocks also stay muted amid low volumes, due to prospects of rate cut.

Cement sector posted highest trading volumes with 43.9 million shares, followed by O&GMCs (11.8 million) and E&P (10.8 million).

Among scrips, MLCF topped the volumes with 18.4 million shares, followed by HASCOL (8.2 million) and DGKC (7.3 million).

Sectors contributing to the performance include E&P (+177 points), Power (+121 points), Fertilizer (+85 points), Cement (+67 points), Inv Banks (+33 points) and Banks (-22 points).

Volumes declined from 157.9 million shares to 140.5 million shares (-11 percent DoD). Average traded value, on the contrary, increased by 31 percent to reach US$ 47.6 million as against US$ 36.3 million.

Stocks that contributed significantly to the volumes include MLCF, HASCOL, DGKC, EFERT and PIOC, which formed 33 percent of total volumes.

Stocks that contributed positively to the index include HUBC (+116 points), OGDC (+61 points), POL (+50 points), FFC (+45 points) and LUCK (+39 points).

Stocks that contributed negatively include BAHL (-35 points), HBL (-12 points), NESTLE (-8 points), HMB (-4 points), and PSO (-2 points).