Tuesday, July 7, 2020

KSE-100 crosses 41,000 on policy rate

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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: zainki[email protected]
The benchmark KSE-100 index of Pakistan Stock Exchange (PSE) added 313 points or (0.77%) closed at 41,112.71 on Friday. Market increased further from Thursday’s closing. Increase in policy rate was largely considered a signal to enter shortly in the IMF program, also a nominal increase of 25bps assured investors that the impact on earnings will be only marginal in nature and will have less of an impact on corporate earnings.

 

Analysts at Arif Habib Limited said that the volumes were led by Banking sector scrips, among which BOP fared 33M shares out of total sector volume of 44M.

 

Engineering Sector (Steel) performed well today, resulting in trading close to upper circuit of majority scrips in Steel sector.

 

Contrary to past few sessions, blue chip scrips remained in the lime light and investors took interest in buying HBL and UBL.

 

The Index closed at 41,113pts as against 40,800pts showing an increase of 313pts (+0.8% DoD).

 

Sectors contributing to the performance include Banks (+199pts), Cement (+59pts), Engineering (+25pts), Food (+15pts), O&GMCs (+14pts) and Fertilizer (-17pts).

 

Volumes remained strong consecutively at 229mn shares as against 240mn shares yesterday (-5% DoD). Average traded value declined by 3% to reach US$ 61.3mn as against US$ 63.3mn.

 

Stocks that contributed significantly to the volumes include BOP, DSL, PAEL, PASL and PIBTL, which formed 35% of total volumes.

 

Stocks that contributed positively include BAHL (+61pts), UBL (+40pts), LUCK (+39pts), HBL (+22pts), and PPL (+22pts).

 

Stocks that contributed negatively include DAWH (-13pts), OGDC (-7pts), SEARL (-7pts), FFC (-6pts) and EPCL (-6pts).

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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