Stock market gains 73 points in narrow range trading

Stock market gains 73 points in narrow range trading

KARACHI: The stock market ended with 73 points on Friday after traded in narrow range trading.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,051 points as against 34,978 points showing an increase of 73 points.

Analysts at Arif Habib Limited said that the market traded in a narrow range today between -60 points and +127 points, closing the session +73 points.

Pharma sector stood out with SEARL, FEROZ traded at and near upper circuits. Engineering (Steel) sector also showed price gains, barring MUGHAL, which closed negative.

Banking sector showed mixed trend, but buying activity was observed in HBL, UBL and BAFL. Among Fertilizer sector, EFERT realized high volume with price gains. Cement, E&P and OMCs on the other hand saw profit booking and closed red.

Technology sector topped the volumes with 51.7 million shares, followed by Inv Banks (14.8 million) and Cement (13.8 million).

Among Scrips, TRG realized trading volume of 23.3 million shares, followed by JSCL (12.7 million) and HUMNL (9.1 million).

Sectors contributing to the performance include Pharma (+34 points), Banks (+32 points), Fertilizer (+28 points), Technology (+16 points), Cement (-33 points).

Volumes declined from 383 million shares to 175.8 million shares (-54 percent DoD). Average traded value also declined by 46 percent to reach US$ 40.6 million as against US$ 74.9 million.

Stocks that contributed significantly to the volumes include TRG, JSCL, HUMNL, WTL and PTC, which formed 35 percent of total volumes.

Stocks that contributed positively to the index include FFC (+24 points), SEARL (+23 points), TRG (+21 points), UBL (+21 points) and BAFL (+15 points). Stocks that contributed negatively include LUCK (-16 points), HUBC (-12 points), OGDC (-9 points), MCB (-8 points), and PSO (-7 points).