Thursday, October 29, 2020

KSE-100 jumps 550 points on IMF package 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]

Index saw significant recovery on Friday. The session commenced with cautious optimism and initial test of -46pts, market sprung strongly with 633pts and closed at +550pts.

Cement Sector again contributed significantly to the rise in Index with 33M shares followed by Banks (30M shares). BOP (Bank of Punjab) topped the volumes chart with ~23M shares and closed near upper circuit.

As against the trades in past sessions, Cement sector rebounded strongly on the back of a significant decline in international coal prices, which prompted investors to take positive bets.

Asad Umar’s announcement of near conclusion of IMF package also helped revive investor sentiment.

The Index closed at 37,338pts as against 36,787pts showing an increase of 550pts (+1.5% DoD).

Sectors contributing to the performance include Banks (+149pts), Cement (+100pts), O&GMCs (+58pts), Fertilizer (+52pts), Pharma (+30pts).

Volumes increased from 143.8mn shares to 189.4mn shares (+32% DoD). Average traded value also increased by 21% to reach US$ 37.8mn as against US$ 31.2mn.

Stocks that contributed significantly to the volumes include BOP, UNITYR1, KEL, WTL and FCCL, which formed 41% of total volumes.

Stocks that contributed positively include LUCK (+51pts), PSO (+36pts), HBL (+35pts), BAHL (+27pts), and ENGRO (+23pts).

Stocks that contributed negatively include HUBC (-15pts), PMPK (-13pts), APL (-11pts), PPL (-3pts) and HMB (-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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