Stock market gains 62 points in mixed trading

Stock market gains 62 points in mixed trading

KARACHI: The stock market has witnessed an increase of 62 points on Tuesday in mixed trading activities during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,184 points as against 40,123 points showing an increase of 62 points.

Analysts at Arif Habib Limited said that the market opened on a positive note with +224 points and added a total of +312 points on the index.

E&P and Cement sectors largely played a major role in positive activity. Banks and Fertilizer sectors, on the other hand, contributed to selling pressure on the index.

International crude oil prices have been stable for quite some time now, which have helped Investors take a long term view on E&P stocks thereby giving continual ascent to the underlying scrips.

Cement sector stocks performed on the back of a stay that one of the Cement companies obtained against the probe on a recent increase in Cement prices.

Cement sector led the volumes on the bourse with 83 million shares, followed by Power (48.8 million) and O&GMCs (45.8 million). Among scrips, PIBTL topped the volumes with 35.6 million, followed by PRL (27.5 million) and DGKC (26.7 million).

Sectors contributing to the performance include Cement (+120 points), E&P (+21 points), Pharma (+12 points), Banks (-64 points), Fertilizer (-18 points) and Technology (-17 points).

Volumes declined from 522.7 million shares to 458.8 million shares (-12 percent DoD). Average traded value also declined by 8 percent to reach US$ 123.2 million as agsinst US$ 133.7 million.

Stocks that contributed significantly to the volumes include PIBTL, PRL, DGKC, MLCF and HASCOL, which formed 29 percent of total volumes.

Stocks that contributed positively to the index include LUCK (+33 points), DGKC (+31 points), CHCC (+23 points), OGDC (+14 points) and BAHL (+14 points). Stocks that contributed negatively include UBL (-28 points), HBL (-25 points), TRG (-18 points), PSO (-15 points) and ENGRO (-11 points).