Market Wrap 3-July-19: Index gains 589 points on back of Increased Volume

The Mint PK

Comprehensive source of Business, Lifestyle and Technology news from Pakistan

Markets

Market Wrap 3-July-19: Index gains 589 points on back of Increased Volume

Pakistan equities closed in green with benchmark KSE100 Index rallying 589 points to 34,938 level. Market kicked-off sideways and continued along yesterday’s declining trend making an intra-day low of 42 points however market picked momentum on the back of gains in Index Heavy Weights as Fauji Fertilizer Co (FFC)  +5% / Habib Bank Limited (HBL) +2.47%, Oil and Gas Development Co (OGDC) +2.26% and MCB Bank +0.84% gained significantly amid higher bids.

Moreover, Auto Manufacturer’s stocks followed suit and pushed the Index up with Pak Suzuki (PSMC) +5% and Honda Atlas Cars +5% both hitting upper lock on the back of Government’s clarity over Vehicle Taxes. 

The volumes witnessed during the last trading session were comparatively higher than the previous trading session.

KSE-100 has maintained positive trajectory since yesterday as Investors participation increases amid selective buying on attractive valuations.

Moving forward we expect the market to maintain its upward momentum in the backdrop of expected improved flows and attractive valuations in defensive sectors.

Comment here