Thursday, February 27, 2020

KSE 100 sheds 130 points on FATF negotiations

Featured

US official: Corona’s outbreak will not change China’s commitment to buy US goods

A senior US Treasury official said on Thursday that the US government expects China to fulfill its commitment to...

China: Corona virus death toll rises to 2239, and 75,567 infections

China’s National Health Committee announced on Friday that it has received reports of 889 new confirmed cases of the...

A major reshuffle in the British Government

Several British government ministers have been fired in a drastic reshuffle by Prime Minister Boris Johnson. The list includes...
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]

Latest News

Breaking: Malaysian PM Dr Mahathir submits resignation to the King

Dr Mahathir Mohamad has sent his resignation letter as Prime Minister of Malaysia today. According to the Prime Minister's Office,...

Trump adviser Roger Stone sentenced to 3 years in prison for lying

A federal judge issued a ruling on Thursday against Roger Stone, a longtime adviser to US President Donald Trump, to three years and four...

US official: Corona’s outbreak will not change China’s commitment to buy US goods

A senior US Treasury official said on Thursday that the US government expects China to fulfill its commitment to purchase more US goods under...

Voting begins in Iran’s parliamentary elections

The Iranians began voting on Friday in a parliamentary election that is unlikely to change Tehran's troubled relations with the United States, after excluding...

Austrian Parliament: There is no place for ISIS operatives in the country

Herbert Kickel, head of the Parliamentary Bloc of the Freedom Party (the third largest Austrian party), confirmed that anyone who joined the terrorist group...

Related News