The benchmark KSE-100 paddled up 501 points or (1.22%) closed at 41,614 on Monday with investors eyed on proposed reduction in cost of doing business. Market power played on the first trading day.
Analysts at Arif Habib Limited said that the market continues to rise in the wake of positive news flow on macro-economic front including FDI flows from friendly countries.
The sentiment got a slight dent on the news of S&P downgrading Pakistan from B to B-, however, the negative sentiment couldn’t prevail in the end.
Cement sector hit upper circuit with a total volume of 36M, followed by Banks realizing volume of 33M.
Blue chips came in the lime light today, particularly, LUCK, DGKC, HBL, UBL etc.
Scrips that topped the volume chart include BOP (20M), KEL (18M) and ANL (12M), among which ANL saw profit booking since the start of session.
The Index closed at 41,614pts as against 41,113pts showing an increase of 502pts (+1.2% DoD).
Sectors contributing to the performance include Cement (+131pts), Banks (+103pts), E&P (+84pts), Power (+47pts), Pharma (+40pts) and Tobacco (-24pts).
Volumes increase from 229mn shares to 254mn shares (+11% DoD). Average traded value also increased by 16% to reach US$ 71mn as against US$ 62mn.
Stocks that contributed significantly to the volumes include BOP, KEL, ANL, PIBTL and POWER, which formed 28% of total volumes.
Stocks that contributed positively include LUCK (+60pts), BAHL (+30pts), MEBL (+28pts), PPL (+27pts), and HUBC (+27pts).
Stocks that contributed negatively include PAKT (-13pts), PMPK (-11pts), PSMC (-7pts), EFOODS (-3pts) and ICI (-3pts).