Saturday, May 21, 2022

KSE-100: After drastic dip of 814 points market close in green


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]

KSE 100 index showed first signs of recovery and that too on a day when SBP is scheduled to announce monetary policy.

Street consensus is of a 100bps hike, however, market seems to have incorporated it already. Buying activity was observed in index heavy weights after an initial plunge of 814pts.

Several stocks especially Cement sector, saw lower circuits. E&P Sector showed mixed reaction throughout the day, with OGDC trading above last trading day’s closing whereas PPL and POL saw attrition. PPL hit lower circuit, but recovered by the end of session.

Similarly, O&GMCs performed well and SSGC, SNGP were seen trading at upper circuits.

The Index closed at 33,250pts as against 33,166pts showing an increase of +84pts (+0.3% DoD).

Sectors contributing to the performance include Banks (+74pts), O&GMCs (+50pts), Fertilizer (+31pts), Transport (+18pts), Tobacco (+15pts) and E&P (-118pts).

Volumes increased significantly from 90mn shares to 166mn shares (+83% DoD). Similarly, Average traded value also doubled from US$ 21mn to US$ 41mn.

Stocks that contributed significantly to the volumes include KEL, TRG, UNITY, LOTCHEM and PIBTL, which formed 29% of total volumes.

Stocks that contributed positively include ENGRO (+44pts), HBL (+41pts), UBL (+33pts), PSO (+22pts) and PIBTL (+18pts).

Stocks that contributed negatively include PPL (-94pts), MCB (-26pts), OGDC (-22pts), FFC (-10pts) and MTL (-9pts).

Read also: Pakistan: MPS announced, policy rate up by 150 bps to 12.25 percent

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