Stock market surges by 805 points amid brisk buying

Stock market surges by 805 points amid brisk buying

KARACHI: The stock market gained 805 points on Thursday owing to conversion of fixed income funds to equities from institutional investors played vital role.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 48,053 points as against previous day’s closing of 47,247 points, showing an increase of 805 points.

Analysts at Arif Habib Limited said that the market surged by 800 points during the session today and closed at a high note of 805 points.

Conversion of fixed income funds to Equities from institutional investors played a vital role in today’s index uptick. Brisk buying was observed in main board scrips, including HBL, UBL, PSO, SNGP, OGDC, ENGRO, HUBC, however, other sectors and scrips took cue as well, resulting in across the board buying activity. Among scrips, TPL led the table with 29.9 million shares, followed by WTL (28.2 million) and TRG (27.2 million).

Sectors contributing to the performance include Technology (+163 points), Cement (+144 points), Banks (+107 points), Fertilizer (+87 points) and Power (+51 points).

Volumes increased from 412.2 million shares to 475.2 million (+15 per cent DoD). Average traded value increased substantially from US$ 93.9 million as against US$ 133.8 million.

Stocks that contributed significantly to the volumes include TPL, WTL, TRG, TREET and BYCO, which formed 27 per cent of total volumes.

Stocks that contributed positively to the index include TRG (+121 points), LUCK (+79 points), HUBC (+40 points), SYS (+35 points) and ENGRO (+31 points). Stocks that contributed negatively include AGP (-7 points), KOHC (-5 points), ABOT (-3 points), ANL (-2 points) and ABL (-2 points).

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