Stock market gains over 1,000 points on market support fund

Stock market gains over 1,000 points on market support fund

KARACHI: The stock market on Wednesday witnessed sharp gain of over 1,000 points over clarity in market support fund.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,959 points as against 34,949 points showing an increase of 1010 points.

Analyst at Arif Habib Limited said that market bounced from the word Go. Within minutes of initial trading, the index was +150 points and did not see back. Clarity on Market Opportunity and Market Support Fund gave much needed confidence amongst investors and the erosion saw yesterday in the shape of a drop of ~750 points was recovered today.

During the session, the index increased by 1044 points and closed (unadjusted) near day’s high at +1010 points. Buying was observed across the board and especially in stocks that could be of significance to the Government Supported Funds.

Banks led the volumes table with 40 million shares (contributed by BOP 17 million), followed by Cement Sector with 23M shares (led by FCCL with ~12M shares).

Sectors contributing to the performance include Fertilizer (+206 points), E&P (+201 points), Banks (+196 points), Power (+101 points) and Cement (+100 points).

Volumes increased from 152.3mn shares as against 182.4mn shares (+20 percent DoD). Average traded value also increased by 4 percent to reach US$ 50.9mn as against US$ 48.8mn.

Stocks that contributed significantly to the volumes include BOP, FCCL, UNITY, ISL and KEL, which formed 30 percent of total volumes.

Stocks that contributed positively include HUBC (+76 points), ENGRO (+74 points), FFC (+67 points), OGDC (+64 points) and POL (+57 points). Stocks that contributed negatively include NESTLE (-33 points), FFBL (-1 points), GADT (-0 points), GHGL (-0 points) and DCR (-0 points).

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