Thursday, July 7, 2022

Pakistan’s stock market closed in red 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]

KSE-100 declined by 26 points on Monday on investor’s lackluster behavior. Market remained range bound throughout the day and oscillated between -74pts to +196pts. The index went up earlier during the day but selling pressure brought the index down.

Majority of the volumes were observed in OGDC on the downside, both in regular market (2.6M) and also on NDM (6.3M).

Other than OGDC, PPL and POL also saw activity on the downside. Banking sector topped the volumes chart, out of which BOP saw volume of 16M.

Volumes remained anemic and investors generally remained cautious as the market is coming off slowly again after it dropped significantly last week due to tensions on the border.

The Index closed at 38,924pts as against 38,950pts showing a decline of 26pts (-0.1% DoD).

Sectors contributing to the performance include Banks (+46pts), Fertilizer (-21pts), E&P (-17pts), O&GMCs (-12pts), Insurance (-12pts), Autos (-7pts).

Volumes declined again from 74mn shares to 68mn shares (-9% DoD). Average traded value also declined by 12% to reach US$ 23.8mna as against US$ 27.1mn.

Stocks that contributed significantly to the volumes include BOP, KEL, DCL, UNITY and OGDC, which formed 43% of total volumes.

Stocks that contributed positively include MEBL (+21pts), UBL (+16pts), PMPK (+10pts), KTML (+9pts), and HCAR (+8pts).

Stocks that contributed negatively include ENGRO (-15pts), OGDC (-12pts), PSMC (-8pts), JLICL (-7pts) and EFERT (-6pts).

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