Closing Bell: Bearish sentiments remain in play

January 29, 2020 (MLN): Due to absence of market-moving triggers, the benchmark KSE-100 index plummeted 400 points today and closed the trade at 41,898 mark. This is the first time index has gone below 42,000 points since January 8, 2020.

The Risk appetite remained low due to concerns over rising inflation. Moreover, as per the closing note by Inter market Securities, market sentiments could not improve despite Central Bank announcing incentives to facilitate export-oriented sectors and manufacturing concerns.

The Index traded in a range of 638.68 points or 1.51 percent of previous close, showing an intraday high of 42,429.48 and a low of 41,790.80.

Of the 90 traded companies in the KSE100 Index 19 closed up 71 closed down, while 0 remained unchanged. Total volume traded for the index was 127.11 million shares.

Sector wise, the index was let down by Commercial Banks with 148 points, Cement with 69 points, Fertilizer with 53 points, Power Generation & Distribution with 31 points and Inv. Banks / Inv. Cos. / Securities Cos. with 21 points.

The most points taken off the index was by HBL which stripped the index of 62 points followed by MCB with 44 points, LUCK with 38 points, UBL with 30 points and ENGRO with 25 points.

Sectors propping up the index were Leather & Tanneries with 3 points, Engineering with 3 points, Textile Composite with 2 points, Automobile Parts & Accessories with 2 points and Textile Spinning with 2 points.

The most points added to the index was by OGDC which contributed 12 points followed by BAHL with 9 points, ISL with 5 points, SRVI with 3 points and GLAXO with 3 points.

All Share Volume increased by 8.13 Million to 197.14 Million Shares. Market Cap decreased by Rs.56.88 Billion.

Total companies traded were 353 compared to 356 from the previous session. Of the scrips traded 106 closed up, 236 closed down while 11 remained unchanged.

Total trades decreased by 2,334 to 67,888.

Value Traded increased by 0.69 Billion to Rs.7.40 Billion

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