Stock market increases by 445 points on improved sentiments

Stock market increases by 445 points on improved sentiments

KARACHI: The stock market increased by 445 points on Friday owing to improved investors’ sentiments during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,186 points as against previous day’s closing of 44,741 points, showing an increase of 445 points.

Analysts at Arif Habib Limited said that the market inched up further from the recent run-up it has had in the past few sessions, adding round about 1500 points on the table.

Tech, Refinery, Cement, Steel, E&P and O&GMCs contributed to the positivity. Result expectations are helping Cement and Steel sector stocks go up and improvement in investor sentiment triggered other sectors.

Refinery sector stocks performed on the expectation of approval from the Petroleum Division. Among scrips, WTL topped the volumes with 124.3 million shares, followed by TELE (60.1 million) and BYCO (50.1 million).

Sectors contributing to the performance include Technology (+139 points), E&P (+84 points), Cement (+51 points), Banks (+46 points) and Textile (+44 points).

Volumes increased from 383.1 million shares to 688.0 million shares (+80 percent DoD). Average traded value also increased by 41 percent to reach US$ 165.7 million as against US$ 117.5 million.

Stocks that contributed significantly to the volumes include WTL, TELE, BYCO, UNITY and PRL, which formed 44 percent of total volumes.

Stocks that contributed positively to the index include TRG (+120 points), HBL (+29 points), POL (+28 points), NRL (+24 points) and PPL (+22 points). Stocks that contributed negatively include ENGRO (-69 points), DAWH (-28 points), BAHL (-7 points), INDU (-4 points) and NATF (-4 points).

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