Karachi, February 02, 2021: Signing of IPP’s agreement by HUBC motivated the Investors to take positions in PSO and HUBC, resulting in HUBC driving the market with an overall increase of 394 points during the session.
Similarly, overnight increase in crude oil prices by 3.5 percent caused the E&P sector stocks to react late but assertively contributed to the upsurge in Index.
PSO made a new high on the back of closure of deal with IPPs, which opens the door for resolution of circular debt to O&G MCs.
Banking, Refinery and Cement sector stocks saw profit booking that brought the index in the closing session to a net increase of 327 points (unadjusted).
Among scrips, HASCOL led the table with 43.9 million shares, followed by KEL (34.2 million) and PIBTL (22.5 million).
The Index closed at 46,580 points as against 46,248 points showing an increase of 332 points (+0.7 percent DoD). Sectors contributing to the performance include E&P (+101 points), Power (+88 points), O&G MCs (+61 points), Banks (+34 points) and Pharma (+30 points).
Volumes declined further from 693.6 million shares to 468.1 million shares (-33 percent DoD). Average traded value also dipped by 24 percent to reach US$ 145.2 million as against US$ 190.6 million.
Stocks that contributed significantly to the volumes include HASCOL, KEL, PIBTL, TELE and PRL, which formd 30 percent of total volumes.
· Stocks that contributed positively to the index include HUBC (+87 points), PSO (+65 points), OGDC (+39 points), POL (+36 points) and MCB (+27 points). Stocks that contributed negatively include HBL (-21 points), HASCOL (-12 points), INIL (-11 points), MEBL (-8 points) and DGKC (-5 points).