Thursday, October 29, 2020

KSE-100 finishes higher second straight day despite MPS hike expectations

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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]

Market jumped consecutively on the second day, just before the announcement of Monetary Policy on March 29th. Although rate hike expectations are talk of the town, market apparently didn’t pay heed to such warnings and buying activity was seen across the board.

Highlight of the volumes was UNITY’s right, which saw trading volume of 80M against total market volume of 228M shares (35%).

Analysts at Arif Habib Limited said that the cement sector led the volumes with 18M shares, resulting in DGKC, LUCK, and MLCF trading at and near upper circuits.

Besides, WTL and BOP among Technology and Banking Sectors contributed significantly to trading volumes.

The Index closed at 38,965pts as against 38,329pts showing an increase of 636pts (+1.7% DoD). Sectors contributing to the performance include E&P (+118pts), Fertilizer (+99pts), Cement (+97pts), Banks (+67pts), O&GMCs (+59pts).

Volumes increased significantly from 86.4mn shares to 228.7mn shares (+165% DoD). Average traded value also increased by 73% to reach US$ 43.8mn as against US$ 25.3mn.

Stocks that contributed significantly to the volumes include UNITYR1, WTL, KEL, BOP and UNITY, which formed 55% of total volumes.

Stocks that contributed positively include PPL (+67pts), LUCK (+45pts), ENGRO (+36pts), UBL (+36pts), and OGDC (+33pts).

Stocks that contributed negatively include NESTLE (-16pts), MCB (-13pts), MUREB (-5pts), HBL (-4pts) and INDU (-3pts).

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]
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