Stock market recovers 149 points on improved investors sentiments

Stock market recovers 149 points on improved investors sentiments

KARACHI: The stock market recovered 149 points on Friday amid buying on improved investors sentiments.

The benchmark KSE-100 index closed at 32,459 points as against 32,310 points, showing an increase of 149 points.

Analysts at Arif Habib Limited said that the index oscillated around 650 during the session with +240 points and -408 points.

First session ended 240 points down and 49 million shares traded, whereas second session saw recovery in the index resulting in +240 points (unadjusted). News of State Enterprise / Market opportunity Fund by State Enterprises helped improve investor sentiment in the second session.

Buying activity took place in index heavy weights such as OGDC, PPL, PSO, LUCK, where PSO ended at upper circuit.

Cement Sector led the volumes chart with 27 million shares, contributed by MLCF (14.4million) and DGKC (4.5 million), and followed by Technology (14 million) and Power (12million). TRG ranked second in terms of traded volume with 12 million shares.

Sectors contributing to the performance include E&P (+66 points), Fertilizer (+48 points), O&GMCs (+43 points), Cement (+26 points), Chemical (+9 points).

Volumes increase by further from 87 million shares to 121 million shares (+39 percent DoD). Average traded value however, increased by 15.9 percent DoD to reach US 27.2 million as against US$ 23.5 million.

Stocks that contributed significantly to the volumes include MLCF, TRG, KE, PAEL, and BOP, which formed 43 percent of total volumes.

Stocks that contributed positively include ENGRO (+39 points), OGDC (+33 points), PPL (+31 points), LUCK (+24 points) and FFC (+23 points). Stocks that contributed negatively include UBL (-32 points), HUBC (-21 points), NESTLE (-17 points), DAWH (-10 points) and BAHL (-8 points).

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