Thursday, October 22, 2020

Pakistan equity market nosedives on Rupee devaluation, low volumes

Featured

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes...

Indonesia to host Trade Expo Indonesia 2020 Virtually

The Government of Indonesia is once again hosting its biggest annual international business exhibition, the Trade Expo Indonesia (TEI)...
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]

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) declined by 507 points or (-1.33%) on Thursday closed at 37,516 on AML issue.

Market took a nose-dive today with 100 index touching a low of 610pts and closed heavy red. Selling was seen across the board amidst rumours of resignation of key government official and change of parliamentary form of government to Presidential format.

Initial start saw some positivity, however, selling pressure built throughout the day and stocks like Autos which performed well on the news of revocation of 10% FED on 1700cc and above vehicles couldn’t face the tide and eventually saw erosion of price gains made earlier.

UNITY rights (37.5M) again contributed significantly to the traded volume 128M, which was followed by Banks and Technology stocks.

The Index closed at 37,516pts as against 38,023pts showing a decline of 507pts (-1.3% DoD). Sectors contributing to the performance include Banks (-92pts), E&P (-72pts), Power (-66pts), Cement (-50pts), O&GMCs (-35pts).

Analysts at Arif Habib Limited said that the volumes declined from 153.3mn shares to 128.0mn shares (-17% DoD). Average traded value also declined by 9% to reach US$ 23.8mn as against US$ 26.3mn.

Stocks that contributed significantly to the volumes include UNITYR1, WTL, KEL, BOP and MLCF, which formed 56% of total volumes.

Stocks that contributed positively include MCB (+20pts), FFBL (+9pts), MEBL (+7pts), SRVI (+3pts), and APL (+3pts).

Stocks that contributed negatively include HUBC (-53pts), UBL (-38pts), PPL (-25pts), HBL (-22pts) and ENGRO (-22pts).

 

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]

Latest News

New York authorities preparing for possible riots after the election

New York City Mayor Bill de Blasio announced that the major American city authorities are preparing for possible unrest...

Trump: 180 million Americans would miss health care plans if Biden came to power

US President Donald Trump did not stop attacking his rival in the US presidential election, Democratic candidate Joe Biden, sending a message to Americans,...

The European Court of Human Rights condemns Turkey of violating the right to freedom of expression

The European Court of Human Rights has convicted Turkey of violating the right to freedom of expression of two university students who have been...

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in Beijing, with over 130 representatives...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes in the 193-member UN General...

Related News