Monday, July 6, 2020

KSE-100 bounces back on NS 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 of Pakistan Stock Exchange (PSX) surged 200 points or (+0.53%) closed at 38,329 on Tuesday as the market bounced back on NS decision. Market sentiment improved after a long time and the index closed positive.

After an initial down side of 89pts at the beginning of session, the market turned positive and investors took positive bets on the outcome of Supreme Court’s decision relating to Nawaz Sharif, which is considered to be a sign of resolving political stalemate at the parliament and focusing on core economic issues by the Govt. Cement, Fertilizer, Autos and E&P sector contributed the most to the upside, especially by the end of session. O&GMCs, especially SSGC, also went up with expectation of financial results to be announced soon as the extension got turned down by SECP.

The Index closed at 38,329pts as against 38,129pts showing an increase of 200pts (+0.5% DoD).

Analysts at Arif Habib Limited said that the sectors contributing to the performance include E&P (+101pts), Autos (+22pts), Fertilizer (+20pts), Engineering (+14pts) and O&GMCs (+13pts).

Volumes increased significantly from 56.5mn shares to 86.1mn shares (+53% DoD).

Average traded value also increased by 33% to reach US$ 25.2mn as against US$ 19mn.

Stocks that contributed significantly to the volumes include WTL, KEL, OGDC, FCCL and TRG, which formed 38% of total volumes.

Stocks that contributed positively include OGDC (+54pts), PPL (+30pts), MARI (+12pts), SNGP (+11pts), and SEARL (+9pts).

Stocks that contributed negatively include FCCL (-8pts), PSO (-7pts), SPWL (-5pts), KTML (-5pts) and HBL (-4pts).

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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