KARACHI: The stock market rebounded with 370 points on Tuesday after facing fall during past sessions.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,964 points as against last day’s closing of 45,593 points, showing an increase of 370 points.
Analysts at Arif Habib Limited said that the market bounced back today prior to the Senate elections, which hold importance for the incumbent government.
Post announcement of majority of the financial results for the outgoing quarter, Investors have been booking profits on long held positions.
However, prospects of release of Funds on account of circular debt resolution prompted investors to take positions in energy chain (O&GMCs and Power).
Buying activity was also observed in Banks, Steel, Refinery and Textile sector.
Among scrips, TRG led the volumes with 38.2 million shares, followed by ANL (31.3 million) and ASL (29.5 million).
Sectors contributing to the performance include Banks (+109 points), Technology (+65 points), Power (+56 points), O&GMCs (+53 points) and Textile (+29 points).
Volumes increased from 368.3 million shares to 399.2 million shares (+8 percent DoD). Average traded value also increased by 25 percent to reach US$ 145.5 million as against US$ 116.5 million.
Stocks that contributed significantly to the volumes include TRG, ANL, ASL, BYCO and GGL, which formed 36 percent of total volumes.
Stocks that contributed positively to the index include TRG (+66 points), HUBC (+32 points), PSO (+31 points), HBL (+30 points) and BAFL (+27 points). Stocks that contributed negatively include LUCK (-28 points), DAWH (-15 points), EPCL (-9 points), POL (-9 points) and HMB (-8 points).
