Stock market gains 97 points amid Eurobond launch

Stock market gains 97 points amid Eurobond launch

KARACHI: The stock market gained 97 points on Wednesday amid positive sentiments on launch of Eurobonds by Pakistan.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,588 points as against previous day’s close of 44,491 points, showing an increase of 97 points.

Analysts at Arif Habib Limited said that Pakistan’s launch of Eurobond and raising funds from international market was warmly greeted by PSX, which saw an upside of 642 points during the session and ended 97 points.

E&P, Cement, O&GMCs and Steel sectors performed well whereas Refinery and Tech proved to be very volatile, where stocks hit lower circuit after trading at high rates during the session.

A hint towards opening up trade with India also boosted investors’ confidence, where among listed sectors, Cement is anticipated to be a key beneficiary from export of cement. Among scrips, BYCO topped the volumes with 73.2 million shares, followed by TRG (39 million) and PRL (31.1 million).

Sectors contributing to the performance include Fertilizer (+24 points), Cement (+24 points), E&P (+22 points), Banks (+19 points), Tech (-35 points), Textile (-17 points).

Volumes increased from 339.1 million shares to 443.9 million shares (+31 percent DoD). Average traded value also increased by 25 percent to reach US$ 169.7 million as against US$ 135.9 million.

Stocks that contributed significantly to the volumes include BYCO, TRG, PRL, UNITY and GGL, which formed 42 percent of total volumes.

Stocks that contributed positively to the index include ENGRO (+31 points), UBL (+28 points), POL (+20 points), SYS (+20 points) and SRVI (+17 points). Stocks that contributed negatively include TRG (-52 points), HBL (-30 points), COLG (-20 points), HUBC (-11 points) and FFC (-10 points).

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