Tuesday, April 7, 2020

KSE 100 jumps 204 points despite banking stocks dip

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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]
The benchmark KS 100 index of Pakistan Stock Exchange (PSE) surged 204 points or (0.51%) closed at 40,624.39 on Tuesday.

 

Market oscillated between -113pts and +228pts during the day, and although largely it maintained a positive stand, the nervousness could very well be observed in blue chips that felt selling pressures.

 

To start with, both HBL and UBL traded in red, almost entirety of the session and in a narrow band. UBL notified that it has closed its New York branch, which caused some investors to take bearish stance.

 

Analysts at Arif Habib Limited said that the top 10 volume leaders on the chart appeared to be small and mid caps and none of the blue chips accounted for decent volumes.

 

Among E&P Sector, OGDC showed price growth however, the enthusiasm died down by the end of session.

 

The Index closed at 40,624pts as against 40,420pts the other day, showing an increase of 204pts (+0.5% DoD).

 

Sectors contributing to the performance include E&P (+62pts), Fertilizer (+39pts), O&GMCs (+39pts), Power (+21pts), Autos (+19pts).

 

Volumes bounced back from 126mn shares to 154mn shares today (+23% DoD). Average traded value also increased by 33% DoD to reach US$ 49.2mn as against US$ 36.9mn.

 

Stocks that contributed significantly to the volumes include DCL, PIAA, FFL, UNITY and NRSL, which formed 25% of total volumes.

 

Stocks that contributed positively include PPL (+29pts), OGDC (+29pts), EFERT (+19pts), PSO (+19pts), and HUBC (+18pts).

 

Stocks that contributed negatively include HBL (-14pts), PIBTL (-6pts), POL (-6pts), NBP (-5pts) and KTML (-5pts).

 

 

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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