Monday, October 26, 2020

Equity market crosses 39000 on FATF decision

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

The benchmark KSE 100 index of Pakistan Stock Exchange (PSX) surged 168.59 points or 0.43% to close at 39090 on Thursday on Financial Action Task Force (FATF) decision.

FATF satisfied over the effort of Pakistan in implementing Anti-money laundering and terror financing laws.

On Thursday market performed well, up ticked to 304pts during the session and traded throughout the day above 39k. E&P stocks drove the market, continuing the trend from yesterday, on the back of high crude oil prices that jumped overnight by 5%.

Analysts at Arif Habib Limited stated that the Banking blue chips remained muted throughout the day and so did Cement and Steel sectors, where Investors were seen concerned due to upcoming results. Clearly, the expectations for the outgoing quarter for Cement and Steel are bearish among investors.

Volumes were led by BOP, WTL and PAEL. The Index closed at 39,090pts as against 38,921pts showing an increase of 169pts (+0.4% DoD). Sectors contributing to the performance include E&P (+138pts), Banks (+48pts), Fertilizer (+27pts), Tobacco (+21pts), Insurance (+17pts).

Volumes declined further from 133.8mn shares to 111.9mn shares (-16% DoD). Average traded value declined from US$ 42mn to US$ 33mn (-22% DoD).

Stocks that contributed significantly to the volumes include BOP, WTL, PAEL, KEL and SSGC, which formed 36% of total volumes.

Stocks that contributed positively include PPL (+65pts), OGDC (+46pts), ENGRO (+26pts), POL (+25pts), and PAKT (+21pts).

Stocks that contributed negatively include PSEL (-28pts), HUBC (-11pts), ATRL (-6pts), SEARL (-6pts) and THALL (-5pts).

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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