Closing Bell: Bears regain the upper hand

December 27, 2019 (MLN): The stock market halted a two-day winning streak on Friday and ended up forming a ‘Dark Cloud Cover’ on the daily chart.

The index opened and concluded the first trading session on a slightly positive note. However, later in the second session, bears regained the upper hand as profit-taking was witnessed, exposing the index to fall below 41,000 mark and closed the session at 40,848 points after losing 279 points or drop by 0.68% from yesterday’s close.

In addition, as per the closing note by Intermarket Securities, negative news flow, including fuel price adjustment in electricity prices and seasonal gas shortages further triggered negative sentiments among investors.

The Index traded in a range of 567.07 points or 1.38 percent of previous close, showing an intraday high of 41,289.09 and a low of 40,722.02.

Of the 90 traded companies in the KSE100 Index 21 closed up 66 closed down, while 3 remained unchanged. Total volume traded for the index was 147.67 million shares.

Sector wise, the index was let down by Commercial Banks with 89 points, Oil & Gas Exploration Companies with 63 points, Inv. Banks / Inv. Cos. / Securities Cos. with 28 points, Cement with 27 points and Insurance with 26 points.

The most points taken off the index was by OGDC which stripped the index of 33 points followed by FFC with 25 points, DAWH with 24 points, HBL with 23 points and MCB with 22 points.

Sectors propping up the index were Power Generation & Distribution with 35 points, Fertilizer with 29 points, Close - End Mutual Fund with 5 points, Tobacco with 5 points and Textile Spinning with 1 points.

The most points added to the index was by ENGRO which contributed 67 points followed by HUBC with 46 points, UBL with 6 points, HGFA with 5 points and PMPK with 5 points.

All Share Volume increased by 30.75 Million to 267.58 Million Shares. Market Cap decreased by Rs.51.36 Billion.

Total companies traded were 355 compared to 370 from the previous session. Of the scrips traded 112 closed up, 221 closed down while 22 remained unchanged.

Total trades increased by 13,409 to 87,095.

Value Traded increased by 1.54 Billion to Rs.9.49 Billion

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