Tuesday, August 9, 2022

KSE-100 slightly recovers after two days slump


Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com

The benchmark KSE-100 of Pakistan Stock Exchange on Wednesday witnessed slight increase after two days recession. Market followed the trend witnessed in the past couple of sessions, which is range bound activity in essence. BOP stands out as the volume leader with 23.6M shares, whereby the banking sector also topped the chart with 32M shares.

Investors took little interest and focus apparently shifted towards Interloop’s book building.

Anticipation of an increase in gas price (as allowed by Finance Minister) and interest rate hike also concerned investors, which is likely to have negative impact on cost of doing business.

Cement, Steel and E&P sectors largely saw selling pressure, whereas Fertilizer sector remained unscathed, relatively.

The Index closed at 38,929pts as against 38,896pts showing an increase of 32pts (+0.1% DoD).

Sectors contributing to the performance include Banks (+42pts), Power (+24pts), Tobacco (+11pts), E&P (-23pts), Cement (-15pts) and Autos (-11pts).

Volumes increased from 90mn shares to 93mn shares (+4% DoD). Average traded value, on the contrary, declined by 17% to reach US$ 23.5mn as against US$ 28.3mn.

Stocks that contributed significantly to the volumes include BOP, KEL, UNITY, STPL and LOTCHEM, which formed 47% of total volumes.

Stocks that contributed positively include HBL (+25pts), HUBC (+20pts), UBL (+17pts), PMPK (+11pts), and EPCL (+8pts).

Stocks that contributed negatively include MEBL (-15pts), OGDC (-9pts), PKGS (-8pts), LUCK (-8pts) and PPL (-7pts).

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