Friday, February 28, 2020

Market jubilates as Bulls pushed KSE100 up by 993 points, third straight day in green

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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]

It’s the third session that KSE100 traded in green and capped a new feather with a consecutive 2-day increase of 6.4% in a decade.

One of the major reasons behind this upsurge in Index is State Enterprise Fund (that is in the offing), clarity on various fronts for instance uncertainty on account of interest rate hike, recent rupee devaluation and MSCI Review as well contributed to renewed optimism.

The index went up by 993pts and closed +944pts above yesterday’s closing. That makes a total gain of 2415pts in the index in past 3 days.

Banking sector topped the volumes with 33M shares, again led by BOP (16M) although in a narrow price range.

This was followed by Cement sector scrips with 32M shares on the chart, mainly contributed by MLCF (11M).

The Index closed at 35,581pts as against 34,637pts showing an increase of 944pts (+2.7% DoD).

Sectors contributing to the performance include Banks (+247pts), Fertilizer (+216pts), E&P (+111pts), Cement (+100pts), and O&GMCs (+71pts).

Volumes increased further from 203mn shares to 227.7mn shares (+12% DoD).

Average traded value, however, increased significantly from US$ 35.2mn to US$ 47.3mn (+34% DoD).

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

Stocks that contributed positively include ENGRO (+70pts), FFC (+66pts), HBL (+53pts), LUCK (+51pts) and POL (+51pts).

Stocks that contributed negatively include NESTLE (-19pts), OGDC (-6pts), KEL (-4pts), PIBTL (-1pts) and ICI (-1pts).

Read also: PSX take a breather on bulls run, KSE-100 uptick 1195 points in the wake of state fund

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]

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