Friday, August 19, 2022

KSE-100 sheds 403 points on selling pressure


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) continued its downward trend that it picked earlier last week and gave no regard to the initial signs of recovery seen on Friday. Unlike past several sessions, the market opened on a downbeat with -12pts and the number kept growing to the downside till session’s end.

Market saw a total draw down of -479pts and closed -448pts (unadjusted). Also, the traded volume registered lowest levels in recent times.

Major contribution to traded volumes was observed in Power Sector (KEL), followed by Banks (BOP, BAFL). Prime Minister’s reference to large oil & gas discovery in Indus Offshore didn’t entice investors to take a large bet on OGDC/PPL and remained content on market price.

The Index closed at 38,129pts as against 38,532pts showing a decline of 403pts (-1.0% DoD). Sectors contributing to the performance include E&P (-98pts), Cement (-64pts), Fertilizer (-63pts), Power (-29pts), Banks (-25pts).

Analysts at Arif Habib Limited said that the volumes declined significantly to 56.4mn shares from 84.6mn shares (-33% DoD). Average traded value also declined by 40% to reach US$ 19mn as against US$ 31.5mn.

Stocks that contributed significantly to the volumes include KEL, WTL, BOP, OGDC and BAFL, which formed 32% of total volumes.

Stocks that contributed positively include PMPK (+10pts), MUREB (+5pts), PAKT (+4pts), HMB (+3pts), and MCB (+2pts).

Stocks that contributed negatively include OGDC (-35pts), LUCK (-33pts), PPL (-29pts), POL (-24pts) and ENGRO (-21pts).

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