Stock market gains 828 points as majority scrips traded in green

KARACHI: The stock market gained 828 points on Monday as majority of scrips traded in green and upper circuits.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,412 points as against 37,584 points showing an increase of +828 points.

Analysts at Arif Habib Limited said that the market opened with SSGC trading at upper circuit and +326 points.

The index registered an increase of 868 points during the session, with majority of scrips trading in green and at upper circuits.

Engineering (Steel) sector scrips that have since touching lows showed almost 100 percent price gains, showed selling pressure in MUGHAL, ASTL and ISL.

Buying activity was largely seen in Banks, Cement, Fertilizer and E&P.

Banking sector led the volumes with 80.4 million shares followed by Cement (61.8 million) and Power (45.9 million).

Among scrips, BOP led the volumes with 37.6 million shares, followed by KEL (28.4 million) and FCCL (18.7 million).

Sectors contributing to the performance include Banks (+164 points), Fertilizer (+131 points), Power Generation (+114 points), E&P (+87 points) and Cement (+77 points).

Volumes increased further from 369.1 million shares to 465.8 million shares (+26.2 percent DoD).

Average traded value, increased by 61.7 percent to reach US$ 99.7 million as against US$ 61.7 million.

Stocks that contributed significantly to the volumes include BOP, KEL, FCCL, FFL and HUMNL, which formed 24 percent of total volumes.

Stocks that contributed positively include ENGRO (+100 points), HUBC (+89 points), UBL (+62 points), LUCK (+51 points) and PSO (+41 points).

Stocks that contributed negatively include NESTLE (-15 points), EFERT (-8 points), DAWH (-6 points), HBL (-6 points), and SNGP (-2 points).

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