KARACHI: The stock market gained 770 points on Monday on strong economic indicators including remittances and tax collection.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,896 points as against last Friday’s closing of 47,126 points, showing an increase of 770 points.
Analysts at Arif Habib Limtied said that the market crossed the resistance level of 47,300 points comfortably by adding a total of 853 points during the session and maintained the bullish trend to end the session with an increase of 770 points.
Factors contributing to the bullish sentiment at the bourse include strong economic numbers from remittances to tax collection and real GDP growth that is anticipated to go north of 4.5 percent.
Investors have also been expecting positive measures in the upcoming budget, due to be announced June 11th that is likely to keep the sentiment in an upbeat mood.
Cement sector performed well today on the back of increase in cement price / bag in north region. Among scrips, WTL led the table with 480 million shares, followed by BYCO (94.2 million) and SILK (71.5 million).
Sectors contributing to the performance include Banks (+98 points), E&P (+96 points), O&GMCs (+53 points), Fertilizer (+39 points) and Autos (+22 points).
Volumes increased from 959.9 million shares to 1412.3 million shares (+47 percent DoD). Average traded value also increased by 39 percent to reach US$ 207.6 million as against US$ 148 million.
Stocks that contributed significantly to the volumes include WTL , BYCO, SILK, HUMNL and GGL, which formed 53 percent of total volumes.
Stocks that contributed positively to the index include DGKC (+45 points), LUCK (+45 points), PSO (+41 points), HBL (+32 points) and OGDC (+31 points). Stocks that contributed negatively include FFC (-9 points), NBP (-5 points), KEL (-4 points), SHFA (-2 points) and GLAXO (-2 points).
