Wednesday, October 21, 2020

PSX take a breather on bulls run, KSE-100 uptick 1195 points in the wake of state fund

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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]

Market is showing signs of a bull run in the wake of the State Fund that will likely buy scrips of State-owned listed entities.

On the whole, market shot up by 1256pts during the session, and closed +1195pts.

Majority stocks hit upper circuit including index blue chips OGDC, PSO, SNGP, NBP and otherwise traded in green zone throughout the session.

Volumes maintained the healthy stride of 150M plus for the third consecutive session and on Wednesday crossed 200M shares mark.

Banking sector led the volumes table with 44M shares, followed by Technology (32M) and Power (19M) Sectors.

Among banking sector BOP marked hefty volume of 25M shares, followed by WTL (20M) in Technology Sector.

The Index closed at 34,637pts as against 33,442pts showing an increase of 1195pts (+3.6% DoD).

Sectors contributing to the performance include E&P (+269pts), Fertilizer (+219pts), Banks (+216pts), Power (+116pts) and Cement (+96pts).

Volumes increased significantly from 153.6mn shares to 203.5mn shares (+32% DoD).

Average traded value, however, increased by 1% merely to reach US$ 35.2mn as against US$ 34.9mn the other day.

Stocks that contributed significantly to the volumes include BOP, WTL, KEL, PIBTL and UNITY, which formed 40% of total volumes.

Stocks that contributed positively include OGDC (+93pts), PPL (+93pts), HUBC (+73pts), ENGRO (+66pts) and HBL (+65pts).

Stocks that contributed negatively include BAFL (-8pts), INDU (-5pts), JLICL (-4pts), ICI (-2pts) and COLG (-2pts).

Read also: Govt to launch Rs 20 billion fund to provide liquidity, managed by NIT, State Life and banks

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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