Stocks gain 184 points in lackluster trading activity

KARACHI: Pakistan stocks gained 184 points on Thursday amid lackluster trading activity observed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,344 points from previous day’s closing of 41,160 points, showing a gain of 184 points.

Analysts at Topline Securities Research said that lackluster activity was observed at the exchange as the index traded between an intraday high of +237 points and intraday low of -150, to finally close at 41,344 level.

Investor interest was observed in gas distribution companies (SNGP & SSGC) and E&P companies (OGDC & PPL) on news that Petroleum Division has reportedly proposed a massive increase in price of natural gas, which when implemented will stop further increase in gas circular debt.

Analysts at Arif Habib Limited said that the bulls and bears continued to fight the battle throughout the day ahead of Monetary Policy Committee (MPC).

KSE-100 index opened in the green zone as investors opted for value buying in the E&P sector. Main board volumes remained dull.

Sectors contributing to the performance include E&P (+73.9 points), Fertilizer (+41.3 points), Banks (+25.8 points), OMC’s (+21.0 points) and Technology (+12.0 points).

Volumes increased from 98.2 million shares to 99.1 million shares (+0.9 per cent DoD). Average traded value also increased by 50.2 per cent to reach US$ 19.4 million as against US$ 12.9 million.

Stocks that contributed significantly to the volumes are LOTCHEM, OGDC, SNGP, PRL and CNERGY.

Traded volume and value for the day stood at 98.5 million shares and Rs.4bn respectively. LOTCHEM was today`s volume leader with 7.3 million shares.