Tuesday, August 9, 2022

Pakistan’s stock market remain in red on FATF concerns


Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

The benchmark KSE-100 of Pakistan Stock Exchange (PSE) on Tuesday plunged 262 points or (-0.65%) closed at 39,957. Market remained under pressure throughout the day barring an initial burst of positivity that added 100pts to the index.

During the day, the index went down by 278pts and breached 40k level. Blue chips stayed low and selling pressure by end of session caused further pressure.

Major volumes were observed in Power, Cement, Chemical and Banking sectors.

Sentiment drivers during the session were PM’s speech on Indian allegation on the recent attack, which was although positive in stance but stock prices showed investors’ concern.

The Index closed at 39,957pts as against 40,220pts showing a decline of 262pts (-0.7% DoD).

Sectors contributing to the performance include Banks (-72pts), E&P (-42pts), Fertilizer (-32pts), Tobacco (-26pts), Textile (-14pts).

Volumes declined from 99mn shares to 94mn shares (-5% DoD). Average traded value also declined by 19% to reach US$ 28mn as against US$ 34mn.

Stocks that contributed significantly to the volumes include KEL, STPL, PAEL, PIBTL and PTC, which formed 32% of total volumes.

Stocks that contributed positively include LUCK (+14pts), MCB (+10pts), PSO (+8pts), SYS (+3pts), and ICI (+3pts).

Stocks that contributed negatively include HBL (-41pts), PAKT (-26pts), SNGP (-18pts), UBL (-16pts) and MARI (-14pts).

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