Saturday, December 5, 2020

KSE-100 surges 129 points

Featured

Kamala Harris: “Our administration will continue to put working people front and center.”

Kamala Harris, US Vice President-elect Joe Biden, promised to return attention to the American worker and put his requirements...

Russian Ambassador: We still have time to extend the START treaty with America

Russian Ambassador to Washington Anatoly Antonov announced that there is still enough time to extend the new "START" treaty...

Christmas in Italy: Movement between regions banned amid high COVID toll

Italy announced a ban on movement between local areas during the Christmas holidays; In order to contain the spread...
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]

As expected, FTSE rebalancing proved to be a non-event on Friday. Market remained positive throughout the session; however, the gains were limited. 100 Index went up by 212pts but ended +55pts (unadjusted) just before the roll-over week begins.

- Advertisement -

Cement sector, which started the day on positive note, ended in red on the back of news that the reason for recent increase in cement price / bag does not hold good, which put a question mark on sustainability of recent price hike and therefore caused investors to sell Cement stocks.

On the other hand, Power sector stood positive on the back of upcoming release of 200B Sukuk issue by GOP that will ease pressure on OMCs and Power sector liquidity. E&P stocks, apart from PPL, also benefited from oil price increase.

The Index closed at 35,125pts as against 34,996pts showing an increase of 129pts (+0.4% DoD).

Sectors contributing to the performance include Power (+83pts), E&P (+77pts), Food (+19pts), Cement (-18pts), Banks (-16pts).

Volumes declined from 163mn shares to 129.3mn shares (-21% DoD). Average traded value also declined by 7% to reach US$ 26.9mn as against US$ 28.8mn.

- Advertisement -

Stocks that contributed significantly to the volumes include SMBL, WTL, KEL, MLCF and PAEL, which formed 48% of total volumes.

Stocks that contributed positively include HUBC (+76pts), POL (+35pts), OGDC (+34pts), EFERT (+16pts) and NESTLE (+14pts).

Stocks that contributed negatively include HBL (-10pts), FFC (-10pts), BAHL (-9pts), THALL (-7pts) and UBL (-6pts).

Read also: KSE 100 recovers 339 points on rising crude prices

- Advertisement -
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]
- Advertisement -

Latest News

Kamala Harris: “Our administration will continue to put working people front and center.”

Kamala Harris, US Vice President-elect Joe Biden, promised to return attention to the American worker and put his requirements...

Russian Ambassador: We still have time to extend the START treaty with America

Russian Ambassador to Washington Anatoly Antonov announced that there is still enough time to extend the new "START" treaty on reducing the nuclear arsenal...

Christmas in Italy: Movement between regions banned amid high COVID toll

Italy announced a ban on movement between local areas during the Christmas holidays; In order to contain the spread of the Coronavirus (Covid-19), the...

NATO: Early withdrawal could expose Afghanistan to terrorism

NATO said that an early withdrawal from Afghanistan could leave the country a haven for international terrorism. The Secretary-General of NATO, Jens Stoltenberg, announced that...

Trump’s European allies resisted sanctions on Iranian banks

A diplomatic correspondence showed that Germany, France, and Britain urged the administration of US President Donald Trump in late October to reconsider imposing new...

Related News