Closing Bell: A close call!

Aug 27, 2019 (MNL): The stock market managed to prevent the last two days’ losing streak from extending to its third day as a crumbling KSE – 100 index steadied itself during the final hours of trade to close the day 64 points higher than yesterday, at 30,584 points.

The index remained negative for the larger part of the day and touched an intraday low of 29,951 points.

According to Economic Analyst Mr. Muzammil Aslam, the decline was in reaction to the news of privatization of up to 40 companies including PPL and OGDC, at their present low prices.  

However, optimism returned to trading floors after investors’ interest in the cement sector picked up pace, as per Ismail Iqbal Securities.

Of the 90 traded companies in the KSE100 Index 51 closed up 38 closed down, while 1 remained unchanged. Total volume traded for the index was 102.46 million shares.

Sectors propping up the index were Power Generation & Distribution with 67 points, Fertilizer with 62 points, Cement with 58 points, Inv. Banks / Inv. Cos. / Securities Cos. with 21 points and Pharmaceuticals with 11 points.

The most points added to the index was by HUBC which contributed 62 points followed by ENGRO with 44 points, LUCK with 32 points, DAWH with 27 points and UBL with 21 points.

Sector wise, the index was let down by Commercial Banks with 91 points, Oil & Gas Exploration Companies with 65 points, Oil & Gas Marketing Companies with 14 points, Paper & Board with 6 points and Chemical with 5 points.

The most points taken off the index was by HBL which stripped the index of 38 points followed by BAHL with 37 points, OGDC with 31 points, MCB with 24 points and PPL with 21 points.

On the other hand, KSE All Share Volume decreased by 2.31 Million to 119.77 Million Shares whereas Market Cap decreased by Rs.1.20 Billion.

Total companies traded were 331 compared to 335 from the previous session. Of the scrips traded, 181 closed up, 131 closed down while 19 remained unchanged.

Meanwhile, total trades increased by 8,973 to 54,852 whereas value Traded increased by 1.50 Billion to Rs.5.30 Billion.

Copyright Mettis Link News