KARACHI: The stock exchange gained 629 points on Thursday owing to buying activity observed across the board.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,184 points as against 31,555 points showing an increase of 629 points.
Analysts at Arif Habib Limited said that the market increased significantly today after a bearish session yesterday.
All in all, the index surged by 680 points after an initial draw down of 80 points in the morning.
Buying activity was observed across the board, but mainly concentrated in Fertilizer, Banks and E&P Sectors.
International crude prices stayed above the levels seen yesterday, which attracted investors to invest in Oil & Gas sector scrips.
Besides, yesterday’s auction of PIBs helped investors take a view on interest rate, which yielded positively on stocks.
Chemical sector led the volumes table with 19.3 million shares, followed by Technology (16.2 million) and Cement (14.4 million). Among scrips, LOTCHEM garnered 15.5 million shares followed by PIBTL (8 million) and TRG (7.8 million).
Sectors contributing to the performance include Fertilizer (+129 points), Banks (+86 points), Power (+82 points), E&P (+74 points) and Cement (+53 points).
Volumes increased significantly from 99.4 million shares to 136.5 million shares (+37 percent DOD). Average traded value also increased by 48 percent to reach US$ 37.7 million as against US$ 25.4 million.
Stocks that contributed significantly to the volumes include LOTCHEM, PIBTL, TRG, MLCF and KEL, which formed 34 percent of total volumes.
Stocks that contributed positively include ENGRO (+81 points), HUBC (+70 points), LUCK (+36 points), PPL (+35 points) and HBL (+32 points). Stocks that contributed negatively include FABL (-3 points), AKBL (-1 points), ICI (-1 points), LOTCEHM (-1 points), and BWCL (-1 points).
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