Friday, November 22, 2019

Pakistan’s equity market sheds 129 points on border tension

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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 declined 129 points or (-0,33%) on Wednesday over Pak-India border tension.

Market tanked again following the steep decline from 41,767pts and reached another significant decline of 1491pts, taking the index down to 37,330pts, which is virtually the same level it was before the past rally.

Scrips, all and sundry went down in the crisis of confidence which was caused by the border confrontation with India and heightened tensions due to taking down of Indian planes by Pakistan Air Force.

Several leveraged positions are believed to have become a casualty of today’s steep decline. Recovery settled after DG ISPR’s press conference, which further gained ground after PM’s address in the closing half hour.

The unadjusted closing was +36pts however, unadjusted closing of KSE100 index ticked -129pts.

The Index closed at 38,693pts as against 38,822pts showing a decline of 129pts (-0.3% DoD). Sectors contributing to the performance include O&GMCs (-25pts), Cement (-20pts), Autos (-18pts), Pharma (-17pts), Technology (-12pts), Tobacco (+27pts).

Analysts at Arif Habib said that the volumes increased from increased significantly from 162mn shares to 274mn shares (+69% DoD). Average traded value also increased by 48% to reach US$ 74mn as against US$ 50mn.

Stocks that contributed significantly to the volumes include BOP, KEL, FCCL, EPCL and LOTCHEM, which formed 33% of total volumes.

Stocks that contributed positively include PAKT (+27pts), PPL (+26pts), HBL (+16pts), BAHL (+11pts), and MEBL (+10pts).

Stocks that contributed negatively include MCB (-25pts), OGDC (-19pts), INDU (-12pts), KEL (-10pts) and HASCOL (-9pts).

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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