Friday, August 12, 2022

KSE-100 surges 129 points


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.

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.

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

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