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Pakistan Stock Exchange ends in green on banks earning

Pakistan Stock Exchange ends in green on banks earning

KARACHI: The stock market ended in green mainly on positive earning declared by banks on Wednesday.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,504 points as against 36,404 points showing an increase of 100 points.

Analysts at Arif Habib Limited said that the market went green today and went up by 329 points.

The positive drive was mainly attributed to positive earnings posted by Banks (HBL, UBL, MCB) as well as DGKC that showed promising results as against market expectation.

Post result announcement, all the pertinent stocks gained in terms of price and volume, however, due to prevailing weak sentiment, profit booking ensued as well that largely eroded almost all the gains in cement sector scrips.

Cement sector garnered 23 million shares, which is the highest among other sectors, followed by Banks (18 million) and Chemical (15 million). LOTCHEM has consecutively been performing on the bourse after a long time and again topped the volumes table with 9.8 million shares, followed by BOP that also showed price improvement over yesterday.

Sectors contributing to the performance include Banks (+77 points), Power (+35 points), E&P (+27 points), Food (+15 points), Pharma (-36 points), Tobacco (-10 points).

Volumes dipped further to reach 116 million shares as against 120 million shares (-3 percent DoD). Average traded value also declined by 8 percent to reach US$ 32.5 million as against US$ 35.4 million.

Stocks that contributed significantly to the volumes include LOTCHEM, BOP, TRG, PIOC and MLCF, which formed 36 percent of total volumes.

Stocks that contributed positively include UBL (+42 points), HUBC (+37 points), NESTLE (+20 points), OGDC (+16 points), and HMB (+14 points). Stocks that contributed negatively include ABOT (-12 points), NBP (-11 points), FFBL (-11 points), PMPK (-10 points) and SEARL (-9 points).