Home Top News KSE bounces back on amnesty scheme, surges 406 points

KSE bounces back on amnesty scheme, surges 406 points

Zubair Yaqoob

Karachi

Market made a positive move on Wednesday, courtesy of Amnesty Scheme as well as news of successful drilling at Kekra 1. Resultantly, E&P scrips performed well and Investors in general took positive bets on Fertilizer, Cement, Banks and Steel. Cement sector topped the volumes table with 19.4M shares, followed by Banks (14M) and Power (11.9M). Investors interest in HUBC kept the price up consecutively since yesterday and similar interest was seen in KEL, which also topped the volumes. OGDC, PPL and POL nonetheless, became the star performers on Wednesday. The Index closed at 34,291pts as against 33,885pts showing an increase of 406pts (+1.2% DoD). Sectors contributing to the performance include E&P (+208pts), Power (+62pts), Fertilizer (+55pts), O&GMCs (+44pts), Pharma (+23pts), Food (-37pts) Banks (-18pts). Volumes increased slightly from 105.7mn shares to 110.9mn shares (+5% DoD). Average traded value also increased by 4% to reach US$ 31.5mn as against US$ 30.3mn. Stocks that contributed significantly to the volumes include KEL, MLCF, BOP, OGDC and LOTCHEM, which formed 33% of total volumes. Stocks that contributed positively include PPL (+94pts), POL (+52pts), OGDC (+43pts), HUBC (+42pts) and EFERT (+30pts). Stocks that contributed negatively include NESTLE (-37pts), HBL (-26pts), MCB (-13pts), DGKC (-10pts) and ICI (-6pts).