KARACHI – Stock market continued its bullish momentum on second consecutive day, Tuesday, with strong upward movement in most MSCI-EM stocks. The benchmark 100-share index closed at 52,147 points after rallying by 773.46 points or 1.57 percent.
Banking sector led the gains in the market as the sector gained to close 1.71% higher than its previous day’s close.
Index point leaders were OGDC (up 5%), MCB (4%), HBL (1.4%), UBL (2.2%) & ENGRO (up 2.1%), with positive contribution of 345 points, while JDWS (down 1.7%), POL (0.2%), BOP (1%), NCPL (1%) & KOHC (0.6%) eroded a mere 11 points from the index. On the sector front, banks added 234 points, fertilizer 119 points and E&Ps 117 points, stated analyst at Topline Securities.
With only six sessions left till MSCI EM-index inclusion, SECP has introduced a post close trading session to accommodate expected hike in trading activity. The post close session would be similar to after hours trading in developed markets, except that securities would be traded at a fixed price i.e. their respective closing prices after regular market hours, the analyst added.
On the back of noise in the market regarding the imposition of anti-dumping duty on chemical imports, LOTCHEM led market volumes, closing at its upper circuit. Fertilizer sector also recorded gains with DAWH (up 5.0%) closing at its upper circuit, while ENGRO (rose 2.12%) also made substantial contribution to the index, observed analyst Arhum Ghous.
Market participation improved with volumes rising 35% d/d to 324m shares, while traded value surged 56% to Rs20b/$187m.
Scrips of total 417 companies participated in the session of which 273 concluded in advance, 132 in decline while 12 remained unchanged.