Stock market observes mixed trading; gains 72 points

Stock market observes mixed trading; gains 72 points

KARACHI: The stock market made a gain of 72 points on Monday in a mixed trading activity.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 47,270 points as against last Friday’s closing of 47,198 points, showing an increase of 72 points.

Analysts at Arif Habib Limited said that the market consolidated the gains made in the previous sessions with profit booking in technology, cement, steel and refinery sectors, whereas the index got some support from banks and power sector.

Technology sector saw selling pressure that brought AVN and other tech stocks down, despite hitting a historic IPO of Octopus Digital in the previous week.

Among scrips, BYCO topped the volumes with 44.9 million shares, followed by SERFR (42.1 million) and TPLP (41 million).

Sectors contributing to the performance include Banks (+85 points), E&P (+21 points), Power (+20 points), Pharma (+16 points), Technology (-44 points) and Cement (-17 points).

Volumes declined from 427.4 million shares to 395.8 million shares (-8 per cent DoD). Average traded value also declined by 11 per cent to reach US$ 96.3 million as against US$108.1 million.

Stocks that contributed significantly to the volumes include BYCO, SERFR, TPLP, TELE and TPL, which formed 45 per cent of total volumes.

Stocks that contributed positively to the index include UBL (+66 points), HBL (+33 points), AGP (+20 points), COLG (+18 points) and HUBC (+18 points). Stocks that contributed negatively include TRG (-36 points), MEBL (-35 points), BAHL (-14 points), PIOC (-8 points) and MLCF (-8 points).

Leave a Reply

You have to agree to the comment policy.