Sunday, February 28, 2021

KSE 100 picks 237 points on foreign inflow news

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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 KSE 100 index of Pakistan Stock Exchange surged by 237.27 points or (+0.60%) closed at 39,543 on Monday. Analysts at Arif Habib Limited said that the Market moved upwards on the back of positive news flow on financial support from friendly countries in Gulf, as well as anticipation of China’s support in the offing.

 

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Higher international crude prices helped E&P sector to perform better, with OGDC and PPL scoring 4M and 3.1M shares respectively. Besides, expectation of improvement in Core Delta for EPCL, helped stock reach new highs and last half hour’s trading pulled the price back above 41.

 

Cement sector lagged behind mainly due to expectation of poor results as well as likelihood of sales being hit due to measures adopted in the upcoming mini-budget.

 

Index closed at 39,544pts as against 39,307pts showing an increase of 237pts (+0.3% DoD). Sectors contributing to the performance include Banks (+120pts), E&P (+116pts), Autos (+34pts), Fertilizer (+32pts), Power (+14pts), Cement (-45pts), Insurance (-17pts), Refinery (-15pts).

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Volumes declined from 155mn shares as against 124mn shares (-20% DoD). Average traded value however, increased by 17% to reach US$ 43mn as against US$ 36.9mn.

 

Stocks that contributed significantly to the volumes include KEL, FFL, BOP, TRG and PACE, which formed 35% of total volumes.

 

Stocks that contributed positively include HBL (+61pts), PPL (+55pts), FFC (+41pts), OGDC (+35pts), and UBL (+27pts). Stocks that contributed negatively include LUCK (-19pts), DGKC (-12pts), JLICL (-9pts), SNGP (-8pts) and NRL (-6pts).

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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]
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