Stock market gains 857 points on massive buying activities

Stock market gains 857 points on massive buying activities

KARACHI: The stock market registered a gain of 857 points on Tuesday amid across the board buying activities during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,405 points as against previous day’s closing of 43,548 points, showing an increase of 857 points.

Analysts at Arif Habib Limited said that the market made a strong come back today by adding a total of 930 points during the session and ending the session +857 points.

Tech & Refinery sectors contributed to change of sentiment, which hit lower circuits yesterday and rebounded today. After yesterday’s dismal performance, the total leverage dropped to Rs. 33 billion with significant reduction in leverage levels of Tech & Refinery sectors stocks in recent time, thereby giving some breathing space to the Investors.

Besides, buying activity was observed across the board with consistent performance from Fertilizer sector, but saw rebound in E&P, O&GMCs and Cement sector stocks. Among scrips, TRG topped the volumes with 20.6 million shares, followed by NETSOL (19.2 million) and UNITY (16.4 million).

Sectors contributing to the performance include Cement (+165 points), Technology (+137 points), Banks (+97 points), E&P (+53 points) and Power (+53 points).

Volumes increased slightly from 302.8 million shares to 306.0 million shares (+1 percent DoD). Average traded value increased by 20 percent to reach US$ 105.1 million as against US$ 87.5 million.

Stocks that contributed significantly to the volumes include TRG, NETSOL, UNITY, ANL and BYCO, which formed 29 percent of total volumes.

Stocks that contributed positively to the index include TRG (+103 points), LUCK (+66 points), HUBC (+41 points), HBL (+32 points) and SYS (+27 points). Stocks that contributed negatively include BAFL (-4 points), EFUG (-3 points), AKBL (-2 points), INDU (-2 points) and ATLH (-1 points).

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