Sunday, January 24, 2021

PSX: Drastic 816 points decline shakes investor’s confidence

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

KSE100 index saw a major draw down of -937pts, post Pakistan entering IMF program. The sessions commenced on a positive note and market at first increased by 511pts before plunging ~1400pts.

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Last half hour of trading showed some buying activity that resulted in an unadjusted closing of -784pts.

Stocks, all and sundry, became target of Investors’ wrath. Besides conclusion of IMF program, the market was also faced with MSCI Review that had negative implications for stocks that form part of MSCI EM Index.

Several stocks hit lower circuit, important among those included SSGC, MLCF, PIOC, DGKC, GHNI etc.

Banking sector remained unscathed in relative terms and scrips like MCB, HBL, UBL, MEBL traded in green zone.

The Index closed at 33,900pts as against 34,717pts showing a decline of 816pts (-2.4% DoD).

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Sectors contributing to the performance include E&P (-159pts), Fertilizer (-157pts), Banks (-93pts), O&GMCs (-69pts) and Cement (-68pts).

Volumes increased significantly from 39.3mn shares to 121.2mn shares (+209% DoD).

Average traded value also increased by 202% DoD to reach US$ 37.5mn as against US$ 12.4mn.

Stocks that contributed significantly to the volumes include KEL, MLCF, BOP, PIBTL, and UNITY, which formed 29% of total volumes.

Stocks that contributed positively include MCB (+18pts), HUBC (+12pts), NATF (+3pts), SYS (+3pts) and SRVI (+1pt).

Stocks that contributed negatively include FFC (-73pts), OGDC (-51pts), POL (-47pts), ENGRO (-36pts) and PPL (-36pts).

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
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