Wednesday, December 2, 2020

Pakistan stock market jumps 201 points on offshore drilling, ECC meeting

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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 index of Pakistan Stock Exchange jumped 201 points or (+ 0.51%) closed at 39,614 Tuesday on Offshore drilling and ECC meting regarding custom duties. According to analysts at Arif Habib, market made another healthy move today with an increase of ~300pts and trading mostly in the positive territory.

 

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Sectors contributing on Tuesday were E&P, OMCs which had international crude prices in their favour as well as the expectation of discovering large hydrocarbon reserves in Indus offshore, which bodes well for both OGDC and PPL. PPL hit upper circuit in the closing half hour.

 

Besides, Banking sector performed well today. Cement Sector, however, saw selling pressure due to expectation of an increase in duties in the upcoming mini-budget.

 

The Index closed at 39,615pts as against 39,413pts showing an increase of 202pts (+0.5% DoD).

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Sectors contributing to the performance include E&P (+158pts), Fertilizer (+98pts), Banks (+26pts), Chemical (-21pts), Pharma (-20pts), Cement (-17pts) and Food (-12pts). Volumes increased from 115mn shares to 121.5mn shares (+5% DoD).

 

Average traded value also increased by 26% to reach US$ 49.7mn as against US$ 39.5mn. Stocks that contributed significantly to the volumes include PAEL, BOP, LOTCHEM, KEL and TRG, which formed 43% of total volumes.

 

Stocks that contributed positively include PPL (+104pts), OGDC (+58pts), ENGRO (+58pts), FFC (+28pts), and DAWH (+25pts).

 

Stocks that contributed negatively include SEARL (-16pts), EFERT (-11pts), ICI (-10pts), NESTLE (-10pts) and EPCL (-9pts).

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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]
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