The stock market gained 29 points on Friday, recovering from earlier losses of 319 points, thanks to the strong performance of Habib Bank Limited (HBL).
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 37,608 points, up from 37,578 points, marking a modest increase of 29 points.
Analysts at Arif Habib Limited noted that the stock market began the day on a negative note, initially dropping by 16 points. The selling pressure intensified, leading to a total loss of 319 points during the session. However, the tide turned during the second session, driven by HBL’s better-than-expected financial results.
HBL’s positive performance not only buoyed its own stock but also had a ripple effect across the entire banking sector. HBL hit its upper circuit limit, and United Bank Limited (UBL) followed suit. The banking sector saw significant trading volumes, with 33.3 million shares changing hands, followed by the power sector with 24.2 million shares and the cement sector with 24.1 million shares at the stock market.
Among individual stocks, UNITY Foods Limited topped the volume chart with 21.6 million shares traded. K-Electric Limited (KEL) followed with 16.8 million shares, and Fauji Fertilizer Bin Qasim Limited (FFBL) saw 15.8 million shares traded at the stock market.
Sectors contributing to the day’s performance included Banks, which added 217 points, and Investment Banks, which added 21 points. On the downside, Exploration & Production (E&P) lost 55 points, Cement shed 48 points, Power dropped 38 points, and Oil & Gas Marketing Companies (O&GMCs) declined by 27 points.
Overall, trading volumes at the stock market fell from 379.3 million shares to 266.5 million shares, a decrease of 30% on a day-over-day basis. The average traded value also dropped by 24%, reaching $63.9 million compared to $84.2 million in the previous session.
Key stocks that contributed significantly to the trading volumes of the stock market included UNITY, KEL, FFBL, Hascol Petroleum Limited (HASCOL), and TRG Pakistan Limited (TRG), collectively accounting for 31% of the total volumes.
Stocks that positively impacted the index included HBL, which added 82 points, UBL with 43 points, MCB Bank Limited (MCB) with 25 points, Bank Alfalah Limited (BAFL) with 22 points, and Dawood Hercules Corporation Limited (DAWH) with 22 points. On the flip side, stocks dragging the index down included Hub Power Company Limited (HUBC), which lost 29 points, Lucky Cement Limited (LUCK) with 26 points, Oil & Gas Development Company Limited (OGDC) with 21 points, Pakistan Petroleum Limited (PPL) with 13 points, and Pakistan Oilfields Limited (POL) with 11 points.
