Thursday, July 9, 2020

KSE 100 sheds 130 points on FATF negotiations

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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 (PSX) declined by 130 points or ( -0.33%) to 38921 on Wednesday.

Market opened on Wednesday on a positive note with an increase of 150pts and 3M shares traded at opening. The momentum built in the initial phase with volumes touching close to 60M shares by 11:00 AM.

However, selling pressure started settling in, that was caused by ongoing deliberations with FATF, where Pakistan is at the risk of classifying blacklisted. Early in the session, E&P stocks increased significantly on the back of higher crude oil prices.

Index oscillated by ~450pts during the day with +215pts and -236pts. Highest volumes were observed in PAEL and UNITY, which saw volumes of 25M and 11.6M respectively.

Cement sector followed cables and electrical goods sector. The Index closed at 38,922pts as against 39,052pts showing a decline of 131pts (-0.3% DoD). Sectors contributing to the performance include E&P (+64pts), Cable & Electrical (+3pts), Cement (-43pts), Fertilizer (-32pts), Tobacco (-22pts), Banks (-20pts).

Volumes declined from 166.8mn shares to 133.7mn shares (-20% DoD). Average traded value also declined by 28% to reach US$ 42.1mn as against US$ 58.5mn.

Stocks that contributed significantly to the volumes include PAEL, UNITY, SSGC, TRG and DCL, which formed 45% of total volumes.

Stocks that contributed positively include POL (+41pts), PPL (+18pts), HBL (+16pts), SNGP (+10pts), and OGDC (+7pts). Stocks that contributed negatively include LUCK (-23pts), PAKT (-22pts), EFERT (-13pts), BAHL (-12pts) and ENGRO (-11pts).

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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