Monday, August 15, 2022

KSE-100 sheds 27 points on foreign selling


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 of Pakistan Stock Exchange downed by 27 points on Tuesday closed at 38,896 on foreign selling.

Market repeated the pattern witnessed in the past couple of sessions, viz an increase in the beginning of session followed by selling till the end.

The index again traded in a narrow range and oscillated between +106pts and -276pts. Traded volume improved over the day but were still lethargic considering the hey-days.

Banks again led the volumes table (18.3M), contributed by BOP (11.5M), followed by Cement sector which took the cue from anticipated construction activity as indicated by the PM.

Large cap banks and E&P remained on the negative side throughout the session and were the main reasons for slide in index.

The Index closed at 38,896pts as against 38,924pts showing a decline of 28pts (-0.1% DoD). Sectors contributing to the performance include Banks (-92pts), Autos (-12pts), Cement (+28pts), E&P (+24pts), Pharma (+11pts).

Analysts at Arif Habib Limited said that the volumes increased from 68mn shares to 90mn shares (+32% DoD). Average traded value also increased by 19% to reach US$ 28.3mn as against US$ 23.8mn.

Stocks that contributed significantly to the volumes include BOP, WTL, DCL, KEL and FCCL, which formed 43% of total volumes.

Stocks that contributed positively include OGDC (+26pts), ABOT (+13pts), PMPK (+11pts), HMB (+9pts), and LUCK (+9pts).

Stocks that contributed negatively include MEBL (-32pts), HBL (-27pts), MCB (-20pts), ENGRO (-11pts) and BAFL (-10pts).

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