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Equity market jubilates on Economic reform package

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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) surged 231.31 points or ((0.58%) Thursday on economic reform package. Market opened with an aggressive +535pts and 9M shares traded at the opening bell, courtesy of the mini-budget announced last eve.

 

Analysts at Arif Habib Limited said many a measure taken by the Government bode well for the listed entities in general. However, the positivity of buyers met an equally strong selling pressure that moved from Fertilizer Sector to OMCs, Chemical and Cable.

 

The apparent beneficiaries of mini-budget faced an ill-fate in the sense that both PAEL and STCL, which had specific benefits announced in their favour remained red the entire session, barring the initial exuberance.

 

PIBTL led the volume table, hit upper circuit with a total volume of 30M shares, followed by BOP that lagged behind in terms of price performance. ISL received heavy bantering by the end of session and hit lower circuit.

 

The Index closed at 40,289pts as against 40,058pts showing an increase of 231pts (+0.6% DoD). Sectors contributing to the performance include Banks (+130pts), Cement (+50pts), E&P (+33pts), Miscellaneous (+27pts), Transport (+19pts) and Engineering (-19pts).

 

Volumes increased significantly again from 178.9mn shares to 245.9mn shares (+37% DoD). Average traded value also increased by 34% DoD to reach US$ 70.9mn as against US$ 52.8mn. Stocks that contributed significantly to the volumes include PIBTL, BOP, PAEL, PIAA and NRSL, which formed 42% of total volumes.

 

Stocks that contributed positively include HBL (+53pts), MCB (+45pts), PPL (+34pts), LUCK (+26pts), and UBL (+25pts). Stocks that contributed negatively include EFERT (-15pts), EPCL (-13pts), PSO (-11pts), ISL (-11pts) and SEARL (-9pts).

 

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