Daily Stock Report: Market Registers an Increase of 210 Points

Pakistan equities closed higher on Wednesday with good gains amid low volumes. At close, the benchmark KSE 100-share Index registered an increase of just 209.94 points or 0.51% to settle at 41,259.16 on a green note amid dull trading activity throughout the day after the Court indicted Nawaz Sharif in 3 separate corruption references and rejected the plea for clubbing NAB cases.

Volumes were as usual very thin today but some activity was seen in the last few hours which brought up the gain.

The market opened positive when oil and gas exploration and production (E&P) companies provided the initial push as investors tracked overnight gains in global crude.

The index was mostly led by support from selected Oil and Gas Marketing Companies, Automobile, Engineering plus Steel and Cement.

Stocks closed higher in the post earnings season rally at Pakistan Stock Exchange (PSX), as investors weighed on Oil, Auto, Steel and cement scripts amid surging global crude prices, upbeat cement sales data for October and higher regulatory duties on luxury auto imports.

Investors opted profit taking in the Oil sector today.

The market touched an intraday high of 244 points. The market had hit a day’s low of 40,970 points, down just 79 points by the closing today.

LUCKY was up by +2.84%, with PSMC up by +3.15%, SEARL was up by +3.76% and Sui North gas up by +3.08%.

All shares index had a traded volume of just 97 million shares which was lower than yesterday. Overall, stocks of 365 companies were traded on the exchange, of which 189 gained in value, 142 declined and 34 remained unchanged. In KSE 100, 57.21 million shares were traded with a net worth of just Rs. 4.92 billion.

Top traded sectors:

Sui South Gas was the volume leader 8.78 million shares, gaining Rs. 1.24 to close at Rs. 35.25 It was followed by Japan Power with 7.60 million shares, gaining Rs. 0.22 to close at Rs. 1.50, K Electric Ltd with 5.90 million shares, gaining Rs. 0.24 to close at Rs. 5.53 and TRG Pak Ltd with 5.72 million shares gaining Rs. 1.11 to close at Rs. 33.04.

Top Advancers of the market were:

Top Decliners of the market were: