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Stocks open buoyant with 319pts gain

Stocks open buoyant with 319pts gain

KARACHI: The Pakistan Stock Exchange (PSX) opened Wednesday buoyant with 319 points to reach 41806 level in early trading.

On Tuesday, the stocks continued its upward trajectory and the benchmark KSE 100-index surged by 776 points and an intra-day high of 856 points and finally closed at 41,487 points.

Despite US Commander-in-chief’s tweet ‘no more’ regarding US aid to Pakistan, KSE-100 extended gains for the 9th consecutive session. The Santa Clause rally which started on December 20 has boosted index by 9% or 3,567 points.

Last time, KSE-100 witnessed similar rally was from Dec 1-20, 2016 where market gained 11% or 4,588 points over 13 green sessions, commented Adnan Sami Sheikh at Topline Securities.

Top 10 index point contributors were HBL (up 3.3%), PPL (2.8%), UBL (2.9%), MCB (2.7%), OGDC (2.2%), LUCK (3.4%), POL (2.7%), MARI (4.4%), DGKC (4%) & BAHL (2.6%), adding 456 points to the index, whereas decliners were TRG (down 3.5%), SNGP (1.4%), NCPL (5%), ATLH (3.1%), SCBPL (3.8%), JLICL (1.8%), ABOT (1.1%), EFUG (1.3%), SSGC (0.9%) & PTC (1%); withholding only 44 points from the index.

Sector-wise, banks added 282 points, E&Ps 169 points, cement 134 points, ferts 59 points & power 30 points to the index.

Participation is improving; volumes rose 94% d/d while traded value shot up 135% with over Rs10.5b exchanged.