Pakistan’s equity market drops 20 points despite Saudi investment pacts ahead

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KSE-100 recovers 339 points
KSE-100 recovers 339 points

The benchmark KSE-100 index of Pakistan Stock Exchange (PSE) shed 20 points 0r (-0.05%) closed at 40, 486 on Thursday despite positive news flow from macro perspective such as visit of Saudi Crown Prince over the weekend and signing investment pacts, the market took toll of the potential negative impact of the bomb explosion in Kashmir that dented the investor sentiment.

 

Buying interest remained scant as such. Major volumes were mainly registered in Banks (16M), followed by Chemical (15M) and Cement (8M). LOTCHEM became the volume leader consecutively however, the stock price came down. Cement sector rebounded to some extent on the back of decline in coal price overnight.

 

The Index closed at 40,486pts as against 40,507pts showing a decline of 20pts (-0.1% DoD). Sectors contributing to the performance include Banks (+58pts), E&P (+14pts), O&GMCs (-27pts), Fertilizer (-21pts), Power (-17pts).

 

Analysts at Arif Habib Limited said that the volumes declined from 124mn shares to 93mn shares (-25% DoD). Average traded value also declined by 25% to reach US$ 34mn as against US$ 45mn.

 

Stocks that contributed significantly to the volumes include LOTCHEM, BOP,SNBL, STPL and PREMA, which formed 32% of total volumes.

 

Stocks that contributed positively include UBL (+34pts), BAFL (+14pts), PPL (+12pts), EFERT (+9pts), and NBP (+8pts).

 

Stocks that contributed negatively include HUBC (-22pts), PSO (-21pts), FFC (-18pts), DAWH (-17pts) and HMB (-9pts).