Closing Bell: Anxiety

September 21, 2020 (MLN): A day after a bullish run at the local bourse, the KSE-100 index on Monday glided on profit-booking, as investors remained cautious over the monetary policy announcement later in the day.

The KSE-100 concluded the volatile session on a negative note by losing 330 points today and closed at 42,174 points. This was 0.42% lower compared to the previous closing.

The benchmark index followed the route of global markets as most of the Asian markets fell on Monday following another disappointing performance on Wall Street with investors growing concerned about an uptick in infections in Europe and the US, as well as the lack of movement in Washington on a new stimulus.

The choppy performance of the market was also induced by recent trade data releases pertaining to various sectors. Investors reacted to the trade figures released by PBS which showed a decline in export earnings by 4.27% YoY during 2MFY21. However, a decline in imports by 5.86% YoY kept the trade deficit down by 7.45% YoY in 2MFY21.

According to the closing note by Aba Ali Habib, the trading activity was knocked by the rollover week which dragged the index in red zone, wherein phenomenal activities of offloading the stocks purchased earlier at attractive valuation kicks in.

With regards to interest rate decision, Governor State Bank of Pakistan, Dr. Reza Baqir, will give a press conference on monetary policy after the MPC meeting. The SBP is largely expected to maintain the status quo, keeping the interest rate unchanged at 7 percent.

Moreover, investors hoped to learn more about SBP’s decision to allow periods of lower inflation within the target range of 7%- 9% for FY21.

In corporate news, Avanceon Limited and its subsidiary Avanceon FZE signed Supply, Installation, Maintenance and Upgradation Contracts worth over 100 Million PKR with a major supplier of natural gas in Pakistan.

The Index traded in a range of 432.35 points or 1.02 percent of previous close, showing an intraday high of 42,553.23 and a low of 42,120.88.

Of the 97 traded companies in the KSE100 Index 24 closed up 73 closed down, while 0 remained unchanged. Total volume traded for the index was 231.11 million shares.

Sector wise, the index was let down by Commercial Banks with 91 points, Fertilizer with 52 points, Oil & Gas Exploration Companies with 50 points, Oil & Gas Marketing Companies with 22 points and Power Generation & Distribution with 22 points.

The most points taken off the index was by OGDC which stripped the index of 27 points followed by UBL with 21 points, HBL with 21 points, FFC with 21 points and ENGRO with 19 points.

Sectors propping up the index were Food & Personal Care Products with 4 points, Pharmaceuticals with 3 points, Automobile Assembler with 3 points and Vanaspati & Allied Industries with 1 points.

The most points added to the index was by KTML which contributed 8 points followed by NATF with 6 points, MUREB with 6 points, HCAR with 5 points and LUCK with 5 points.

All Share Volume decreased by 82.18 Million to 433.94 Million Shares. Market Cap decreased by Rs.53.16 Billion.

Total companies traded were 408 compared to 417 from the previous session. Of the scrips traded 115 closed up, 277 closed down while 16 remained unchanged.

Total trades decreased by 12,508 to 112,911.

Value Traded decreased by 2.25 Billion to Rs.11.32 Billion

CompanyVolume

Top Ten by Volume

Aisha Steel Mills58,910,000
Unity Foods48,202,000
Fauji Foods36,014,000
Pakistan International Bulk Terminal34,630,500
K-Electric29,596,000
Hascol Petroleum17,270,000
Al Shaheer Corporation10,598,000
Pakistan Stock Exchange10,387,500
National Bank of Pakistan9,138,500
Pakistan Refinery9,002,500

 

SectorVolume

Top Sector by Volume

Engineering65,007,600
Food & Personal Care Products55,511,550
Vanaspati & Allied Industries48,237,400
Power Generation & Distribution40,190,217
Transport36,929,400
Commercial Banks26,922,364
Technology & Communication26,089,400
Oil & Gas Marketing Companies22,392,044
Cement21,375,015
Inv. Banks / Inv. Cos. / Securities Cos.19,744,000

 

 

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Posted on: 2020-09-21T17:15:00+05:00

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