KARACHI: The stock market gained a nominal 14 points on Tuesday amid high volume trading, analysts said.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,972 points as against 32,958 points showing an increase of 14 points.
Analysts at Arif Habib Limited said that the market volumes finally breached the anemic 40 million level and totaled 138.7 million shares.
Cement and E&P sector played a major role in setting the pace of market today, which oscillated between +135 points and -354 points. E&P scrips POL and PPL traded near lower circuits, whereas OGDC also saw significant selling pressure.
Similarly, O&GMCs saw key scrips under pressure, such as PSO and SNGP. MLCF and DGKC also traded near lower circuits, however, recovered later in the day’s trading. Cement sector led the volumes table with 27 million shares, followed by Power (22 million) and Technology (15 million).
Scrip wise activity shows KEL as volume leader with 20M shares, followed by MLCF (14 million) and TRG (13 million).
Sectors contributing to the performance include banks (46 points), Cement (26 points), Fertilizer (18 points), Power Generation (4 points), and Transport (3 points). Volumes increased by from 138.7 million shares to 69.1 million shares.
Average traded value increased by merely 92 percent to reach US$ 28.3 million as against US$ 14.8 million.
Stocks that contributed significantly to the volumes include KEL, MLCF, TRG, BOP and LOTCHEM, which formed 43 percent of total volumes.
Stocks that contributed positively include UBL (+24 points), LUCK (+24 points), HBL (+23 points), ENGRO (+17 points) and MCB (+15 points). Stocks that contributed negatively include POL (-29 points), PPL (-21 points), BAHL(-11 points), NML (-10 points) and ABOT (-9 points).