Closing Bell: A tiny ray, fades away!

April 13, 2020 (MLN): Following the previous two sessions, it seemed that the bearish sentiments have come to end, but the optimism faded away as the domestic stock market fell again into bear territory today.

The benchmark KSE-100 lost 1000 points in today’s trade or tumbled by 3.12% compared to Friday’s close to conclude the day on 31,032 points level.

Concerns over economic uncertainty disrupted investors sentiments, as World Bank in its recent report projected the real GDP growth of Pakistan to be contracted by 1.3 percent in FY20 due to sharp slowdown in economic activity amid COVID-19 pandemic.

Furthermore, E&P sector remained under pressure today despite OPEC deal and IPPs also remained under pressure due to expectation of changes in tariff by government, a closing note by Ismail Iqbal Securities revealed.

The Index traded in a range of 1118.60 points or 3.49 percent of previous close, showing an intraday high of 32,046.51 and a low of 30,927.91.

Of the 95 traded companies in the KSE100 Index 8 closed up 83 closed down, while 4 remained unchanged. Total volume traded for the index was 126.27 million shares.

Sector wise, the index was let down by Commercial Banks with 254 points, Power Generation & Distribution with 149 points, Cement with 111 points, Fertilizer with 107 points and Oil & Gas Exploration Companies with 93 points.

The most points taken off the index was by HUBC which stripped the index of 127 points followed by ENGRO with 57 points, UBL with 52 points, HBL with 49 points and NESTLE with 43 points.

Sectors propping up the index were Textile Spinning with 3 points and Cable & Electrical Goods with 1 point.

The most points added to the index was by SYS which contributed 6 points followed by JLICL with 6 points, IDYM with 3 points, MUREB and ARPL with 1 point.

All Share Volume increased by 26.81 Million to 153.88 Million Shares. Market Cap decreased by Rs.156.67 Billion.

Total companies traded were 338 compared to 328 from the previous session. Of the scrips traded 47 closed up, 270 closed down while 21 remained unchanged.

Total trades increased by 15,639 to 77,760.

Value Traded increased by 0.72 Billion to Rs.5.74 Billion

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