Stock market gains around 800 points on improved investors’ confidence

KARACHI: The stock market on Monday gained by around 800 points on improved confidence of investors after after significant decline during past many trading sessions.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 29,562 points as against 27,765 points showing an increase of 798 points.

Analysts at Arif Habib Limited said that the KSE-100 index increased significantly today, after an initial stutter of +/- 100 points.

Apparently, the mutual funds, which have been a major seller during the past several sessions, were not selling with the same aggression as in recent past.

E&P and Banks, which have received several bantering in the past couple of sessions, moved north with most volume observed in Banks.

Besides, the anticipation of lower current account deficit for the month of July 2019, talks of EMOF by State Entities were making rounds, which caused investors to remain optimistic and buy.

Several scrips, among Steel, Cement and Banking sectors hit upper circuit.

Banking sector led the volumes table with 15.2 million shares, followed by Cement (13.6 million) and O&GMCs (11.1 million).

Among scrips, TRG topped the volume charts with 7.5 million, followed by SMBL (6 million) and MLCF (5.9 million).

Sectors contributing to the performance include Banks (+257 points), E&P (+142 points), Fertilizer (+116 points), Cement (+63 points), and Power (+60 points).

Volumes also increased from 65.2 million shares to 102.5 million shares (+57 percent DoD). Average traded value also increased by 15 percent to reach $ 24.8 million as against $ 21.5 million.

Stocks that contributed significantly to the volumes include TRG, SMBL, MLCF, HASCOL and UNITY, which formed 30 percent of total volumes.

Stocks that contributed positively include HBL (+84 points), OGDC (+73 points), MCB (+70 points), ENGRO (+59 points) and PPL (+53 points). Stocks that contributed negatively include NESTLE (-15 points), ABOT (-6 points), MTL (-5 points), AGIL (-1 points) and SHEL (-1 points).

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