Stock market gains 644 points as energy sector dominates

Stock market gains 644 points as energy sector dominates

KARACHI: The stock market gained 644 points on Tuesday owing to positive activity seen in energy sector.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,559 points as against 39,915 points showing an increase of 644 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today with +135 points.

Banks, E&P, OMCs, Cement and Fertilizer stocks helped the index stage recovery from selling that was observed in the past couple of sessions.

The real head turner today happened to be HUBC and KAPCO, of which both hit upper circuit on anticipation of resolution of issues with GOP, as indicated by Advisor to PM on Finance. International crude oil prices remained on the upside, which made E&P stocks post price gains.

Increase in fertilizer prices also contributed to buying activity in Fertilizer sector. Among O&GMCs, SSGC and HASCOL hit upper circuits. O&GMCs posted the most volume with 94.6 million shares, followed by Cement (75.1 million) and Power (72.4 million).

Among scrips, HASCOL topped the volumes with 65.4 million, followed by KEL (36 million) and TRG (31.2 million).

Sectors contributing to the performance include Power (+166 points), E&P (+147 points), Banks (+107 points), Cement (+81 points) and O&GMCs (+64 points).

Volumes increased from 576.5 million shares to 600.0 million shares (+4 percent DoD). Average traded value however, increased by 42 percent to reach US$ 147.7 million as against US$ 104.1 million.

Stocks that contributed significantly to the volumes include HASCOL, KEL, TRG, UNITYR2 and UNITY, which formed 31 percent of total volumes.

Stocks that contributed positively to the index include HUBC (+128 points), PPL (+81 points), UBL (+45 points), LUCK (+43 points) and OGDC (+39 points). Stocks that contributed negatively include TRG (-18 points), BAHL (-15 points), MTL (-10 points), INDU (-9 points) and HCAR (-6 points).