Thursday, October 22, 2020

Pakistan: KSE-100 sheds 391 points on profit booking

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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]

The benchmark KSE-100 of Pakistan Stock Exchange (PSX) declined by 391 points or (-1.05%) closed at 36,901.69 on Monday. Profit booking was apparently the only idea on investors’ mind. SNGP, which hit upper circuit the other day with high volume was scheduled to announce financial results on Monday.

Although SNGP beat street consensus and did hit upper circuit on Monday, it couldn’t sustain selling pressure and price went below last trading day’s closing price.

LOTCHEM retained investors’ interest and despite trading below upper circuit several times, it managed to close at upper circuit.

Overall, the index lost 453pts during the session besides marking +187pts in the beginning. Cement sector led the volumes with 24M shares, followed by Chemical (21.8M) and Banks (12.5M).

Among scrips, LOTCHEM topped the chart with 19.7M shares, followed by PIOC (10.6M).

The Index closed at 36,902pts as against 37,292pts showing a decline of 391pts (-1% DoD).

Sectors contributing to the performance include Banks (-118pts), E&P (-40pts), Fertilizer (-37pts), Cement (-29pts), Power (-27pts).

Volumes declined considerably from 177.4mn shares to 125.9mn shares (-29% DoD).

Average traded value also declined by 33% to reach US$ 31.3mn as against US$ 46.9mn.

Stocks that contributed significantly to the volumes include LOTCHEM, PIOC, KEL, SNGP and PAEL, which formed 45% of total volumes.

Stocks that contributed positively include LOTCHEM (+8pts), INDU (+2pts), DCR (+2pts), ICI (+2pts), and PKGS (+2pts).

Stocks that contributed negatively include HBL (-56pts), PPL (-22pts), MCB (-20pts), LUCK (-18pts) and FFC (-17pts).

 

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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