Stock market turns bullish on lower CAD hopes

KARACHI –  The Pakistan Stock Exchange (PSX) benchmark KSE 100-index remained positive throughout almost the whole trading session Wednesday to finally close at 38,208 points, gaining 289 points.

Market took account of the positive impact of the expectation of reduction in current account deficit as briefed by SBP governor. Though activity was not across the board and largely favoured commercial banks, investors expected positive outcomes of the trigger mentioned above. Commercial banks were the only notable sector that drove the market consecutively.

Top index point contributors were HBL (up 5%), UBL (4.6%), MCB (2.7%), OGDC (2%) & BAHL (3.2%), which added 307 points to the index while stocks including DGKC (down 4%), HUBC (1.6%), SNGP (2.2%), LUCK (0.9%) & TRG (3.6%) held back 77 points from the index.

On the sector front; commercial banks added 308 points, E&Ps added 48 points, automobile assemblers were up 15 points, fertilizer added 12points, whereas cements were down by 34 points, power 22 points & insurance 12 points.

Market volumes increased from 108.5m shares of Tuesday to 129.6m shares yesterday (up 19% DoD). Average traded value also increased slightly 4% DoD from USD 42.8m to USD 44.5m. Stocks that contributed significantly to the volumes included TRG, BOP, WTL, KEL and LOTCHEM, contributing a total of 56m shares, reflecting 43% share of total volumes.

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