Finance

Pakistan Stock gains 1010 points in a day

Karachi, May 29, 2019: Market bounced from the word Go. Within minutes of initial trading, the index was +150 points and did not look back. Clarity on Market Opportunity and Market Support Fund gave much-needed confidence amongst investors and the erosion saw yesterday in the shape of a drop of ~750 points were recovered today. 

According to Arif Habib Research during the session, the index increased by 1044 points and closed (unadjusted) near day’s high at +1010 points. Buying was observed across the board and especially in stocks that could be of significance to the Government Supported Funds. Banks led the volumes table with 40 million shares (contributed by BOP 17 million), followed by Cement Sector with 23 million shares (led by FCCL with ~12 million shares). 

The Index closed at 35,959 points as against 34,949 points showing an increase of 1010 points (+2.9 percent DoD). Sectors contributing to the performance include Fertilizer (+206 points), E&P (+201 points), Banks (+196 points), Power (+101 points) and Cement (+100 points).

Volumes increased from 152.3 million shares as against 182.4 million shares (+20 percent DoD). Average traded value also increased by 4 percent to reach US$ 50.9 million as against US$ 48.8 million.

Stocks that contributed significantly to the volumes include BOP, FCCL, UNITY, ISL, and KEL, which formed 30 percent of total volumes.

Stocks that contributed positively include HUBC (+76 points), ENGRO (+74 points), FFC (+67 points), OGDC (+64 points) and POL (+57 points). Stocks that contributed negatively include NESTLE (-33 points), FFBL (-1 points), GADT (-0 points), GHGL (-0 points) and DCR (-0 points ).

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