Stock market sees bullish run for fourth consecutive day

Stock market sees bullish run for fourth consecutive day

KARACHI: The stock market witnessed bullish run for the fourth consecutive day and gained 912 points on Thursday.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,884 points as against 30,973 points showing an increase of 912 points.

The market cumulatively gained 3,121 points during last four sessions.

Analysts at Arif Habib Limited said that for the fourth consecutive session, market went up.

This time with a jump of 912 points, they said.

Yesterday’s PIB auction, especially 10Y bond, helped investors take a view on Policy rate, which seems mild and hinting that chances of a rate cut are improving.

Buying was observed across the board, and major contribution came from Banks, E&P and Power sector scrips.

Technology sector led the volumes with 41.8 million shares, followed by Cement (34.4 million) and Banks (32.8 million).

Scrip wise activity shows WTL topping the chart with 22.5 million shares, followed by KEL (17.9 million) and BOP (14.8 million).

BOP got traction from better result expectation, which is due to be announced tomorrow. Similarly, POL hit upper circuit on account of discovery in Makori field.

Sectors contributing to the performance include E&P (+212 points), Banks (+181 points), Fertilizer (+92 points), Cement (+86 points), and Power (+81 points).

Volumes almost doubled from 134.5 million shares to 261.6 million shares (+94 percent DoD). Average traded value also increased by 42 percent to reach US$ 48.1 million as against US$ 33.8 million.

Stocks that contributed significantly to the volumes include WTL, KEL, BOP, UNITY and TRG, which formed 31 percent of total volumes.

Stocks that contributed positively include OGDC (+81 points), PPL (+61 points), ENGRO (+58 points), POL (+52 points) and HUBC (+50 points). Stocks that contributed negatively include DAWH (-6 points), ATLH (-2 points), NCPL (-1 point), ICI (-1 point) and SHEL (-0 point).

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