Pakistan stock market records high volume today

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After posting one the recent high volumes on the bourse with 837M shares, the market stepped up to clinch 917M today, yet another high. Investor sentiment has been sky high in recent times, especially on the expectation of an announcement by Prime Minister on his scheduled visit to Karachi tomorrow. Infrastructure development is expected to positively impact construction sector scrips, which prompted Investors to take interest in Cement and Steel sectors. MLCF and PIOC also hit upper circuits on the notification of substantial shareholding by Sponsors. Among Banking sector stocks, NBP continued the uptrend after posting an outstanding result yesterday. Banking sector stocks topped the volumes with 123.8M shares, followed by Cement (112M) and Technology (93.3M). Among scrips, UNITY posted 51.2M shares, followed by BOP (49.7M) and KEL (41.8M).

· The Index closed at 42,188pts as against 41,835pts showing an increase of +353pts (+0.8% DoD). Sectors contributing to the performance include Cement (+89pts), Banks (+51pts), O&GMCs (+44pts), Textile (+41pts) and Fertilizer (+35pts).

· Volumes increased further from 837mn shares to 919.4mn shares (+10% DoD). Average traded value also increased by 1% to reach US$ 159.9mn as against US$ 157.6mn.

· Stocks that contributed significantly to the volumes include UNITY, BOP, KEL, MLCF and HASCOL, which formed 24% of total volumes.

· Stocks that contributed positively to the index include MLCF (+31pts), SYS (+29pts), KTML (+22pts), NBP (+21pts) and PIOC (+19pts). Stocks that contributed negatively include HUBC (-25pts), BAHL (-13pts), POL (-8pts), OGDC (-6pts) and DAWH (-5pts).

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