Market had a relatively better session as compared to the past whole week. PM’s promise of sharing good news in 3 weeks did the trick for the investors, causing E&P stocks especially OGDC and PPL to take off and growing both in price and volumes.
First session saw market increasing by 228pts with 35.2M trading volume, which grew further in the second session by adding another 108pts to reach a total of +336pts in the index, however, selling pressure ensued in second session that resulted in erosion of almost all the gains during the day.
Last half hour of trading saw buying activity that closed the index +207pts (unadjusted).
The Index closed at 38,532pts as against 38,385pts showing an increase of 147pts (+0.4% DoD). Sectors contributing to the performance include E&P (+162pts), Banks (+58pts), Textile (+11pts), Power (-36pts), Food (-21pts).
Volumes improved slightly to reach 84.6mn shares as against 81.4mn shares (+4% DoD). Average traded value also increased by 4% to reach US$ 31.6mn as against US$ 30.4mn.
Stocks that contributed significantly to the volumes include PKGP, BOP, OGDC, HUBC and PPL, which formed 41% of total volumes.
Stocks that contributed positively include PPL (+84pts), OGDC (+58pts), POL (+23pts), BAFL (+18pts), and PMPK (+12pts).
Stocks that contributed negatively include HUBC (-37pts), NESTLE (-20pts), PSEL (-11pts), LUCK (-10pts) and ENGRO (-8pts).