Wednesday, October 28, 2020

Pakistan’s equity market closed in negative, KSE-100 sheds 37 pts

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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 (PSE) shed 37 points or (-0.09%) closed at 40,506 remained under pressure on Thursday. Wednesday’s buying activity in Cement Sector blue chips, like MLCF, FCCL, DGKC was faced with profit taking on Thursday and ended the session at lower circuits. Chemical sector led the volumes today with 33M shares, majority of which was observed in LOTCHEM. Result announcement of LOTCHEM resulted in profit booking but buying interest at slight discount kept the interest alive. Cement Sector also garnered 23M volume which was seen in DGKC, FCCL and MLCF. Banking sector blue chips HBL and UBL rebounded after trading briefly in red.

Analysts at Arif Habib Limited said that the Index closed at 40,507pts as against 40,544pts showing a decline of 37pts (-0.1% DoD). Sectors contributing to the performance include Pharma (+36pts), E&P (+33pts), Banks (+27pts), Chemical (+11pts), Cement (-74pts), Fertilizer (-27pts), O&GMCs (-20pts).

Volumes declined from 160mn shares to 123mn shares (-23% DoD). Average traded value also dipped by 14% to reach US$ 45mn as against US$ 52mn.

Stocks that contributed significantly to the volumes include LOTCHEM, DGKC, FCCL, SNBL and MLCF, which formed 41% of total volumes.

Stocks that contributed positively include UBL (+39pts), SEARL (+26pts), POL (+12pts), PPL (+11pts), and COLG (+10pts). Stocks that contributed negatively include DGKC (-23pts), PSO (-21pts), LUCK (-15pts), PAKT (-15pts) and MLCF (-14pts).

Read more: KSE-100 shed 52 points on profit taking

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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