KSE-100 index gains 929 points gain

Staff Reporter

Karachi

KSE-100 index of Pakistan Stock Exchange (PSX) added 929 points to mark the first day of year 2019 on Tuesday. The index closed at 37,995 points as against 37,067 points showing an increase of 929 points. Analysts at Arif Habib Limited said that the first day of the calendar year was greeted by around 1000 points increase in the index. The market went up by 980 points, capping many blue chips on the way up including UBL, LUCK, OGDC etc. At the start, the market should sign of nervousness but as the day progressed the index kept rising and prices started climbing with little volume. Insurance sector, which had been a net seller in the past couple of sessions, found apparently absent that gave confidence to the investors to take confident bets. The news of China lending another $2 billion to Pakistan for reserve management also gave boost to the market. Sectors contributing to the index include E&P (+230 points), Banks (+214 points), Fertilizer (+146 points), Cement (+115 points), and O&GMCs (+68 points). Volumes declined significantly from 226 million shares yesterday to 96.6 million shares (-57 percent DoD).
Average traded value also declined by 61 percent to reach $ 30.7 million as against $ 79.6 million. Stocks that contributed significantly to the volumes include PAEL, TRG, BOP, KEL and LOTCHEM which formed 34 percent of total volumes.

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