Thursday, August 11, 2022

KSE-100 sheds 445 points, third straight day in red


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) on Friday fell again by a wide margin 445 points or (-1,08%) closed at 40,887 causing concern among investors if they have already seen the top and the index will not sustain 40k.


Analysts at Arif Habib Limited said that the market got choppy by session’s end and investors did not consider holding positions for the weekend.


EFERT’s result failed to impress investors, and despite phenomenal results the stock got heavy bantering.


Major volumes were observed in KEL, PIBTL, PAEL and EFERT, but these scrips ended the session in red, with the exception of PIBTL (+2.4%).


Sector wise activity was mainly observed in Power, Cement and Chemical Sectors, whereas Banking sector apparently lost investors’ interest.


The Index closed at 40,887pts as against 41,333pts showing a decline of 445pts (-1.1% DoD).


Sectors contributing to the performance include Banks (-132pts), E&P (-89pts), Power (-43pts), Fertilizer (-41pts), O&GMCs (-31pts).


Volumes increased from 138mn shares to 169mn shares (+22% DoD). Average traded value also increased by 41% to reach US$ 61.7mn as against US$ 43.8mn.


Stocks that contributed significantly to the volumes include KEL, PIBTL, PAEL, EFERT and MLCF, which formed 37% of total volumes.


Stocks that contributed positively include FFC (+20pts), PIBTL (+6pts), SCBPL (+3pts), AICL (+2pts), and DGKC (+2pts).


Stocks that contributed negatively include HBL (-47pts), HUBC (-33pts), OGDC (-31pts), ENGRO (-28pts) and POL (-26pts).

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