Wednesday, February 19, 2020

Equity market jubilates on Economic reform package

Featured

A major reshuffle in the British Government

Several British government ministers have been fired in a drastic reshuffle by Prime Minister Boris Johnson. The list includes...

WHO: China-led expert team to investigate coronavirus

The World Health Organization (WHO) said on Sunday that a team of international experts led by the organization has...

Japan records 41 new cases of coronavirus among passengers of the cruise ship

The Japanese Ministry of Health announced today, Friday, that 41 other people were infected with the Corona virus among...
Zain Zubair
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).

 

Zain Zubair
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]

Latest News

A major reshuffle in the British Government

Several British government ministers have been fired in a drastic reshuffle by Prime Minister Boris Johnson. The list includes...

Canadian Prime Minister chairs a meeting to discuss Coronavirus

Canadian Prime Minister Justin Trudeau has convened an Incident Response Team meeting to discuss progress in the Canadian government’s response to the new Corona...

Koreans celebrate the historic victory of “Parasite” with Oscar

Celebrations were overwhelmed by social media in South Korea on Monday, after the black comedy film "Parasite" was awarded the first ever Oscar for...

WHO: China-led expert team to investigate coronavirus

The World Health Organization (WHO) said on Sunday that a team of international experts led by the organization has gone to Beijing to help...

Trump used celebration of his acquittal to attack intelligence and police

US President Donald Trump celebrated his exoneration in the US Senate’s isolation trial with a celebration speech in which he attacked the American intelligence...

Related News