Market closing near session’s high trade with 512pts

Karachi, August 23, 2021: The PSX market traded in the positive zone throughout the session, adding a total of 545 points during the session and closing near the session’s high with net 512 points.

E&P sector, which was a laggard in the past year or so and particularly in the past month or so, performed well on the back of an increase of +3 percent in international crude oil prices today. Besides, O&GMCs saw PSO sprinting due to its financial results, which were scheduled to be announced, but could not by sessions end.

Besides, Technology stocks ramped up taking a cue from Series B fundraising of Airlift that helped improve valuation multiples of listed entities in the Tech space. Among scrips, HUMNL topped the volumes with 35.4M shares, followed by BOP (22.2M) and GGL (19.8M).

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The Index closed at 48,112 points as against 47,600 points showing an increase of 512 points (+11 percent DoD). Sectors contributing to the performance include Banks (+167 points), E&P (+143 points), Fertilizer (+41 points), Misc (+36 points) and O&GMCs (+34 points).

Volumes increased from 299.1mn shares to 396.2mn shares (+33 percent DoD). Average traded value also increased by 13 percent to reach US$ 89.9mn as against US$ 79.5mn.

Stocks that contributed significantly to the volumes include HUMNL, BOP, GGL, TPLP and ANL, which formed 27 percent of total volumes.

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Stocks that contributed positively to the index include MEBL (+94 points), PPL (+58 points), OGDC (+46 points), ENGRO (+42 points) and PSEL (+35 points). Stocks that contributed negatively include HUBC (-21 points), COLG (-10 points), MLCF (-9 points), EFERT (-7 points) and FCCL (-4 points).

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