Stock market gains 299 points after intra-day losses

Stock market gains 299 points after intra-day losses

KARACHI: The stock market increased by 299 points on Monday after making recovery of intra-day losses.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,738 points as against 33,438 points showing an increase of 299 points.

Analysts at Arif Habib Limited said that the market went down in the early part of the session, declining by 368 points but rebounded later to erase all losses.

The intra-day movement amounted to 723 points. Fertilizer sector contributed to the positivity, mainly on the back of EFERT and FFC, which was further aided by a rebound in E&P stocks (OGDC and PPL).

Among Banks, BAFL and MCB, which were positive on the last trading day due to FTSE rebalancing, sustained price losses but otherwise the banking sector stocks some brisk buying activity, especially FABL, which hit upper circuit.

Technology sector realized trading volume of 19.6 million shares, followed by Cement (18.1 million) and Banks (12.8 million). Among scrips, UNITY topped the volumes with 11.5 million shares, followed by MLCF (8.2 million) and TRG (7.3 million).

Sectors contributing to the performance include Fertilizer (+120 points), E&P (+64 points), Power (+33 points), Banks (+25 points) and Autos (+23 points).

Volumes increased from 105.9 million shares to 161 million shares (+51 percent DoD). Average traded value also increased by 83 percent to reach US$ 36.8 million as against US$ 20 million.

Stocks that contributed significantly to the volumes include UNITY, MLCF, TRG, HASCOL and HUMNL, which formed 25 percent of total volumes.

Stocks that contributed positively to the index include FFC (+49 points), ENGRO (+48 points), OGDC (+30 points), HUBC (+26 points) and EFERT (+21 points). Stocks that contributed negatively include AGP (-14 points), MCB (-12 points), ABOT (-5 points), SHFA (-5 points), and NESTLE (-5 points).