KARACHI: The stock market gained over 500 points on Thursday on across the board trading activity witnessed in the market.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,028 points as against 33,524 points showing an increase of 504 points.
Analysts at Arif Habib Limited said that the market rebounded today with a jump of 500 points that took the index above 34,000 level, last seen in early July 2019.
Activity was observed across the board, but mainly contributed by Banking and Cement sectors. Expectation of further increase in Cement price / bag gave way to optimism in Cements, while improvement in fixed income portfolio for the Banks also engaged Investors.
Volumes improved over the day to 261 million shares and were mainly contributed by Chemical sector, which performed consecutively to reach a turnover of 49.4 million shares, followed by Cement (30.3 million) and Banks (23.9 million). Among scrips, LOTCHEM realized volume of 26.5 million shares, followed by PIBTL (17.2 million) and KEL (16.4 million).
Sectors contributing to the performance include Banks (+115 points), E&P (+74 points), Cement (+58 points), Power (+40 points) and Tobacco (+31 points).
Volumes increased from 237.7 million shares to 261.1 million shares (+10 percent DoD). Average traded value also increased by 32 percent to reach US$ 54 million as against U$ 40.9 million.
Stocks that contributed significantly to the volumes include LOTCHEM, PIBTL, KEL, UNITY and EPCL, which formed 33 percent of total volumes.
Stocks that contributed positively include LUCK (+41 points), UBL (+32 points), HBL (+31 points), PAKT (+31 points) and HUBC (+30 points). Stocks that contributed negatively include BAFL (-13 points), EFERT (-7 points), JLICL (-5 points), PPL (-3 points), and IGIHL (-2 points).