Closing Bell: Bears take a breather, KSE 100 recovers 797 pts

August 19, 2019 (MLN): After feasting on negative sentiments on trading floor for the last 8 sessions, the bears handed over control to the bulls in today’s session as the KSE 100 index recovered 797 points of the 3,174 points lost in these 8 trading sessions.

This recovery pulled the index back above 29,000 points, letting it conclude the day at 29,562 points which is 2.77% higher than Friday’s close.

Today’s recovery is owed to a general expectation of improved trade numbers as the deficit is expected to decrease 29% in the first month of ongoing fiscal year.

Moreover, the sell-off led by mutual funds in the last 8 sessions took a breather today, which further relieved the index.

The benchmark index traded in a range of 935.28 points or 3.25 percent of previous close, showing an intraday high of 29,609.16 and a low of 28,673.88.

Of the 92 traded companies in the KSE100 Index 80 closed up 10 closed down, while 2 remained unchanged. Total volume traded for the index was 76.33 million shares.

Sectors propping up the index were Commercial Banks with 257 points, Oil & Gas Exploration Companies with 142 points, Fertilizer with 98 points, Cement with 63 points and Power Generation & Distribution with 60 points.

The most points added to the index was by HBL which contributed 84 points followed by OGDC with 73 points, MCB with 70 points, ENGRO with 59 points and PPL with 53 points.

Meanwhile, the KSE All Share Volume increased by 37.30 Million to 102.52 Million Shares. Market Cap increased by Rs.113.22 Billion.

Total companies traded were 354 compared to 310 from the previous session. Of the scrips traded 283 closed up, 51 closed down while 20 remained unchanged.

Total trades increased by 13,030 to 42,563 while the Value Traded increased by 0.52 Billion to Rs.3.94 Billion.

Copyright Mettis Link News