Tuesday, August 9, 2022

Pakistan’s equity market sheds 120 point on selling pressure


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) on Wednesday declined by 120 points or (-0.30%) closed at 39,568. Market remained under pressure during the trading, although opened +30pts.

During the session, the index saw oscillation of 351pts (-194pts to +157pts) and the ended the session in red (unadjusted).

Following the trend in past couple of sessions, banking sector again topped the chart, mainly contributed by BOP with 18M shares however, price declined slightly.

Besides banking sector, Cement followed suit and investors took interest in DGKC, FCCL, MLCF and LUCK among others. E&P, O&GMCs and Steel saw selling pressure and little interest was seen in underlying scrips.

The Index closed at 39,568pts as against 39,689pts showing a decline of 120pts (-0.3% DoD).

Sectors contributing to the performance include Banks (-29pts), O&GMCs (-26pts), Power (-25pts), E&P (-25pts), Tobacco (-10pts), Cement (+22pts).

Volumes declined significantly from 164mn shares to 81mn shares (-50% DoD). Average traded value also declined by 33% to reach US$ 28mn as against US$ 42mn.

Stocks that contributed significantly to the volumes include BOP, UNITY, KEL, FCCL and MLCF, which formed 44% of total volumes.

Stocks that contributed positively include BAHL (+19pts), PSEL (+18pts), LUCK (+9pts), EPCL (+8pts), and FCCL (+7pts).

Stocks that contributed negatively include OGDC (-24pts), HBL (-21pts), HUBC (-19pts), MCB (-14pts) and PSO (-12pts).

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