Stock market gains 665 points to start year 2020

Stock market gains 665 points to start year 2020

KARACHI: The stock market gained 665 points on Wednesday to start the year 2020. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,400 points as against 40,735 points showing an increase of 665 points.

Analysts at Arif Habib Limited said that the first day of 2020 started with a bang and contributed +665 points to the Index. During the session, the market went up by 809 points.

Buying activity was observed across the board especially in Banks and Cement sectors.

KEL saw highest trading volumes of 119 million shares, which was on the back of fuel adjustment recently announced by NEPRA.

Trading volumes also increased significantly over the day to 330 million shares, with the index crossing 41,500 points level. Power sector led the volumes with 121 million shares, followed by Technology (30.2 million) and Vanaspati (26.6 million). Among scrips, KEL led the table followed by UNITY (26.6 million) and FFL (17.5 million).

Sectors contributing to the performance include Banks (+277 points), Fertilizer (+93 points), E&P (+74 points), Cement (+46 points) and Inv Banks (+32 points).

Volumes increased from 177.1 million shares to 330.7 million shares (+86 percent DoD). Average traded value also increased by 14 percent to reach US$ 52.1 million as against US$ 45.7 million.

Stocks that contributed significantly to the volumes include KEL, UNITY, FFL, AVN and TRG, which formed 55 percent of total volumes.

Stocks that contributed positively include HBL (+90 points), UBL (+74 points), ENGRO (+64 points), POL (+45 points) and MCB (+36 points). Stocks that contributed negatively include PAKT (-33 points), HUBC (-9 points), SHEL (-6 points), JLICL (-3 points), and APL (-1 points).

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