The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 82 points amid selling pressure and FTSE re-balancing.
The index closed at 41,320 points as against 41,238 points showing an increase of 82 points.
Analysts at Arif Habib Limited said market moved in a narrow band on Wednesday, amidst pressure from FTSE re balancing where outflows were expected generally on MARI, which is believed to be an exclusion from the index, but otherwise saw selling pressure on HBL, UBL, OGDC etc.
The index registered an increase of 119 points and also saw a decline of 137 points during the day. The activity was brisk in DKC, LUCK and MLCF whereby LUCK showed selling pressure, whereas DGKC showed retained investors’ interest on the back of better than anticipated results, courtesy of tax credit on expansion.
Among mid caps, PAEL managed better flows as compared to previous sessions, and similar activity was observed in KEL and UNITY. Fertilizer sector remained in the limelight consecutively today, where mutual funds were seen taking positions in EFERT and ENGRO. Sectors contributing to this performance include Banks (+49 points), Fertilizer (+39 points), E&P (+19 points), Tobacco (+10 points), O&GMCs (-31 points) and Food (-22 points). Volumes declined from 166.5 million shares to 158.3 million shares (-5 percent DoD). Average traded value also declined by 25 percent to reach $ 45.6 million as against $ 60.7 million. Stocks that contributed significantly to the volumes include KEL, SMBL, UNITY, PAEL and TRG reflecting 44 percent of total volumes.