Stocks gain 135 points on budget approval

Stocks gain 135 points on budget approval

KARACHI: The stock market gained 135 points on Tuesday owing to positive sentiments prevailed on budget approval.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,138 points as against previous day’s closing of 47,002 points, showing an increase of 135 points.

Analysts at Arif Habib Limited said that the market traded positive today with expectation of approval of Federal Budget 2021/2022 from the Parliament.

Since the beginning of the session, the index moved up and gained 300 points in few minutes. The index added a total of 506 points during the session, and closed the session +135 points. E&P sector saw heavy selling, realizing a decline in price below LDCPs.

Technology, Banks and Steel sectors contributed positively to the market today, especially TRG which saw active buying in response to the corporate briefing held yesterday. Among scrips, SILK led the table with 69.2 million shares, followed by HASCOL (66.2 million) and WTL (55.7 million).

Sectors contributing to the performance include E&P (-93 points), Chemical (-33 points), Power (-26 points), Technology (+89 points), Banks (+71 points) and Cement (+22 points).

Volumes declined from 655.1 million shares to 581 million shares (-12 per cent DoD). Average traded value also declined by 9 per cent to reach US$ 108.8 million as against US$ 119.5 million.

Stocks that contributed significantly to the volumes include SILK, HASCOL, WTL, TPL and JSCLR1, which formed 43 per cent of total volumes.

Stocks that contributed positively to the index include TRG (+78 points), HBL (+30 points), ENGRO (+21 points), UNITY (+20 points) and MEBL (+18 points). Stocks that contributed negatively include PPL (-40 points), OGDC (-38 points), HUBC (-35 points), COLG (-29 points) and HASCOL (-13 points).

Leave a Reply

You have to agree to the comment policy.