Thursday, October 22, 2020

KSE-100 sheds 240 points on dull sentiments

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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 bench mark KSE-100 index of Pakistan Stock Exchange (PSX) opened +61pts and carried the optimism from Monday’s buying activity that saw market jumped 545pts.

Contrary to that market returned to the dull pace and non-interest that has been witnessed past whole week.

Trading volume was seen highest in PAEL that saw 15.4M shares against a total market volume of 70.7M shares.

Investors did not show interest in buying at prevailing prices, which eventually took the market down in the final hour by a wide margin.

Close to 30M trading volume was seen in the final hour of trading. Selling was seen across the board and large cap scrips saw the most declines including HBL, UBL, LUCK, GHNI and Auto sector stocks.

The KSE-100 Index closed at 38,612pts as against 38,852pts showing a decline of 240pts (-0.6% DoD).

Sectors contributing to the performance include Banks (-63pts), Cement (-60pts), Power (-50pts), O&GMCs (-17pts), E&P (-12pts).

Analysts at Arif Habib said that the volumes declined from 99mn shares to 70.8mn shares (-28% DoD). Average traded value also declined by 29% to reach US$ 22.7mn as against US$ 32.1mn.

Stocks that contributed significantly to the volumes include PAEL, BOP, TRG, MLCF and SNGP, which formed 42% of total volumes.

Stocks that contributed positively include BAFL (+14pts), PMPK (+12pts), POL (+10pts), ENGRO (+9pts), and HMB (+8pts).

Stocks that contributed negatively include HUBC (-39pts), LUCK (-26pts), HBL (-26pts), UBL (-23pts) and BAHL (-12pts).

 

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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