Closing Bell: Bull run reaches Exhaustion

August 28, 2020 (MLN): After a four day long winning streak, the bulls got exhausted as the trading activity within capital markets remained volatile today with the benchmark KSE-100 index ended the last day of the week in consolidation.

The index escalated to an intraday high of 41,164 points and slid to an intraday low of 40,994 points, moving within a range of 170 points and concluded the trading at 41,056 points, only 25 points lower than yesterday’s closing. Similarly, the volume of trade and its value both fell behind yesterday’s figures remarkably.

According to the report by Ismail Iqbal Securities, the market remained volatile owing to last day of rollover week.

Besides, a joint venture of Baratai Block comprising Oil and Gas Development Limited (OGDCL) and Khyber Pakhtunkhwa Oil & Gas Company Limited (KPOGCL) has announced the discovery of gas and condensate from its exploratory Well Siab-1.

Of the 95 traded companies in the KSE100 Index 30 closed up 62 closed down, while 3 remained unchanged. Total volume traded for the index was 109.4 million shares.

Sectors that contributed in destabilizing the index were Oil & Gas Exploration Companies with 37 points, Cement with 36 points and Commercial Banks with 18 points.

The most points taken off the index was by OGDC which stripped the index of 22 points followed by MCB with 17 points, PPL with 13 points, LUCK with 12 points and PSO with 9 points.

The Index witnessed the volumes of 109.4 million shares compared to the 312 million shares traded yesterday, while traded value clocked in at Rs 6 billion.

On the other hand, the broader KSE All Share gained 30 points today, marking the day end at 28,807 points.

The volume of KSE All share recorded at 238.56 million shares at a value of Rs 8.39 billion.

Total companies traded were 312. Of the scrips traded 139 closed up, 162 closed down while 11 remained unchanged.

Copyright Mettis Link News