After two days of negative drive, Pakistan Equity market KSE-100 index bounced back with positive close. On Wednesday the benchmark KSE-100 index of Pakistan Stock Exchange (PSE) surged by 322 points or (0.81%) closed at 40,279.
The start was similar to previous session, when market opened -13pts and fell further to realize a loss of 268pts.
However, financial results of Banks (UBL, MCB and HBL) encouraged investors to shun negativity and buy these stocks.
Analysts at Arif Habib Limited said that the post result announcement, all these banks gained both in terms of volume and price.
OGDC among E&P scrips also contributed to the index, which grew by 2%. Major volume (although on the downside) was witnessed in PIBTL (17.8M), followed by BOP that saw 7.5M volume with price increase of 1.8%.
The Index closed at 40,279pts as against 39,957pts showing an increase of 322pts (+0.8% DoD).
Sectors contributing to the performance include Banks (+180pts), E&P (+93pts), Fertilizer (+70pts), Cement (+28pts), Power (-19pts).
Volumes increased from 94mn shares to 132mn shares (+40% DoD). Average traded value also increased by 73% to reach US$ 48mn as against US$ 28mn.
Stocks that contributed significantly to the volumes include PIBTL, BOP, KEL, LOTCHEM and UBL, which formed 32% of total volumes.
Stocks that contributed positively include UBL (+78pts), OGDC (+47pts), ENGRO (+32pts), HBL (+31pts), and BAHL (+25pts).
Stocks that contributed negatively include KAPCO (-25pts), PIBTL (-15pts), MEBL (-6pts), ICI (-6pts) and KEL (-4pts).