Thursday, February 27, 2020

KSE 100 index closed in green on foreign reserves surge

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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 index of Pakistan Stock Exchange surged 155.31 points or (0.39%) closed at 40,420 on Monday. Market stood firm above 40k, which is considered a key level before the Index can either nose-dive or attain new highs in recent times. Steel, Cement, Banks and Chemical sector performed positive with slight price growth.

Analysts at Arif Habib Limited said that the high volumes were observed in PIAA, which garnered 20M volume on the back of restructuring efforts.

Banking sector followed suit and realized volume of 14M topped by BOP, HBL and UBL among the noteworthy ones.

Nonetheless, selling pressure was visible in Banking sector, whereby UBL saw profit taking. E&P sector remained on the back burner and profit taking was witnessed here as well.

Among flat steel, ISL showed improvement in both price and volume, due to better than anticipated results, announced on Friday.

The Index closed at 40,420pts as against 40.265pts showing an increase of 155pts (+0.4% DoD).

Sectors contributing to the performance include O&GMCs (37pts), Autos (23pts), Refinery (20pts), Pharma (18pts), Cement (17pts), E&P (-15pts) and Sugar (-2pts).

Volumes declined from 156mn shares to 126mn shares (-19% DoD). Average traded value also declined by 21% to reach US$ 36.9m as against US$ 46.6mn.

Stocks that contributed significantly to the volumes include PIAA, TRG, FFL, UNITY and PIBTL, which formed 31% of total volumes.

Stocks that contributed positively include PSO (+21pts), MCB (+13pts), ENGRO (+13pts), SEARL (+13pts), and HBL (+10pts).

Stocks that contributed negatively include OGDC (-9pts), FFC (-7pts), POL (-5pts), JLICL (-5pts) and MARI (-5pts).

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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