Wednesday, November 30, 2022

KSE-100 sheds 163 points on foreign selling, low liquidity


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 KSE100 index continued the loss making trail from past several sessions. The market turned positive for a brief while in the morning but reverted to selling pressure which saw selling activity in Banks, Cement, Steel, Fertilizer, Autos, & OMCs.

During the session the news of Supreme Court’s acceptance of Bahria Town deal felt a fresh breathe, however, the wave lived short.

By the close of market, selling pressure mounted back resulting in index sliding down by 205pts (unadjusted).

The Index closed at 38,385pts as against 38,548pts showing a decline of 163pts (-0.4% DoD). Sectors contributing to the performance include Fertilizer (-47pts), Power (-36pts), O&GMCs (-22pts), E&P (-13pts), Cement (-12pts).

Analysts at Arif Habib Limited said that the volumes declined slightly from 83mn shares to 81mn shares (-2% DoD). Average traded value however, increased by 22% to reach US$ 30.4mn from U$ 24.9mn.

Stocks that contributed significantly to the volumes include BOP, PAEL, HUBC, SSGC and WTL, which formed 24% of total volumes.

Stocks that contributed positively include POL (+21pts), BAHL (+12pts), HBL (+5pts), UBL (+5pts), and KOHC (+4pts).

Stocks that contributed negatively include HUBC (-33pts), MARI (-22pts), ENGRO (-20pts), OGDC (-16pts) and PMPK (-12pts).


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