PSX Closing Bell: Pyramid of the Hopeless

July 5, 2021 (MLN): Bears once again dominated Pakistan Stock Exchange on Monday, with the benchmark KSE-100 index shedding 257 points during the session to close at 47,429 points.

Lack of obvious near-term trigger caused the lackluster activity in the market whereby investors are concerned about beginning of earnings season, which is due to start August end, a report by Arif Habib cited.

Regional political worries also weigh down on investors’ sentiments as sudden withdrawal of US forces from Afghanistan in absence of strategic pull-out raises security concerns for bordering nations.

Selling pressure was evident across the board, with focus on Cement, Steel, Technology, Refinery and E&P sectors. OGDC became exception to the selling and saw active trading with range bound price uptick. SNGP posted its results with a dividend payout that attracted investors to build position and realized price gain.

The Index traded in a range of 366.55 points or 0.77 percent of previous close, showing an intraday high of 47,742.23 and a low of 47,375.68.

Of the 94 traded companies in the KSE100 Index 22 closed up 71 closed down, while 1 remained unchanged. Total volume traded for the index was 201.86 million shares.

Sector wise, the index was let down by Cement with 76 points, Technology & Communication with 23 points, Oil & Gas Exploration Companies with 23 points, Tobacco with 21 points and Food & Personal Care Products with 18 points.

The most points taken off the index was by LUCK which stripped the index of 39 points followed by PAKT with 21 points, ENGRO with 17 points, HBL with 17 points and PPL with 15 points.

Sectors propping up the index were Power Generation & Distribution with 25 points and Automobile Parts & Accessories with 1 points.

The most points added to the index was by HUBC which contributed 27 points followed by SNGP with 12 points, EFERT with 11 points, SCBPL with 10 points and BAFL with 9 points.

All Share Volume decreased by 69.28 Million to 494.53 Million Shares. Market Cap decreased by Rs.43.05 Billion.

Total companies traded were 411 compared to 414 from the previous session. Of the scrips traded 133 closed up, 270 closed down while 8 remained unchanged.

Total trades decreased by 24,774 to 146,156.

Value Traded decreased by 0.96 Billion to Rs.15.37 Billion

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