Stock market stages recovery of 475 points as banks play major role

KARACHI: The stock market made recovery of 475 points on Tuesday as stocks of banking sector registered gain during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,884 points as against 40,409 points showing an increase of 475 points.

Analysts said that the market staged a recovery after a major draw down of 1222 points yesterday and largely remained positive throughout the session barring -60 points earlier in the session.

Overall, the Index moved up by 544 points and closed the session at +475 points.

Banking sector played an important role in market recovery MCB’s result announcement further helped the other banking sector stocks to post gains.

Resultantly, Banking sector posted trading volumes of 27.1 million shares, followed by Cement (21.7 million) and O&GMCs (19.9 million).

Among scrips, BOP topped the charts with 16.4 million shares, followed by HASCOL (15.7 million) and UNITY (8.3 million).

Sectors contributing to the performance include Banks (+217 points), Power (+83 points), Fertilizer (+62 points), Cement (+44 points) and O&GMCs (+33 points).

Volumes declined from 203.3 million shares to 146.1 million shares (-28 percent DOD). Average traded value also declined by 33 percent to reach US$ 39.7 million as against US$ 59.2 million.

Stocks that contributed significantly to the volumes include BOP, HASCOL, UNITY, KEL and DGKC, which formed 38 percent of total volumes.

Stocks that contributed positively include MCB (+84 points), HUBC (+67 points), ENGRO (+47 points), UBL (+44 points) and BAHL (+30 points). Stocks that contributed negatively include PAKT (-27 points), PPL (-17 points), HBL (-8 points), JLICL (-5 points), and INDU (-3 points).

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