August 17, 2020 (MLN): The domestic equities remained under the cosh for the third day, as the benchmark KSE-100 index concluded the session on a negative note by losing another 168 points today and closed at 40,122 points. This was 0.42% lower compared to the previous closing.

The index has been negative in 5 of the last 6 sessions, however, it has lost only 43.62 points as it closed 644 points higher on August 11, 2020 which wiped out earlier losses.

According to the market closing note by Aba Ali Habib Securities, index largely remained in negative territory during the day primarily due to government’s renegotiations of power purchase agreements (PPA) with IPPs where ROE is to be fixed at 17% per annum in PKR at PKR 148/USD, with no future USD indexation.  

In addition to that, SC ordered government to collect roughly Rs 400 billion GIDC from companies which also dented investors’ sentiments, the report added.

Moreover, Fertilizer sector continued to remain bearish as adverse GIDC decision continued to impact investors sentiments.

Apart from this, today’s market performance was also affected by the announcements made by the companies throughout the session some of which are: HUBC informed that its subsidiary Narowal Energy and negotiation committee executed MoU with IPPs, EPQL, EFERT announced to approve the terms of MoU signed between IPPs and GoP and Ravi Textile Mills decided to take over the possession of Noman Cotton Ginning Factory.

In addition to this, amid earnings season, several listed companies announced financial results today which include,  Pak Electron Limited (PAEL) posted half yearly losses of Rs 425 million, Bank Al Habib Limited disclosed 63% YoY growth in half yearly profits to Rs. 7.24 billion and Pakistan International Container Terminal Limited (PICTL) declared net profit of Rs.  1.17 billion during Jan-Jun FY20.

The Index traded in a range of 464.77 points or 1.15 percent of previous close, showing an intraday high of 40,406.58 and a low of 39,941.81.

Of the 95 traded companies in the KSE100 Index 55 closed up 37 closed down, while 3 remained unchanged. Total volume traded for the index was 346.72 million shares.

Sector wise, the index was let down by Fertilizer with 171 points, Power Generation & Distribution with 126 points, Commercial Banks with 48 points, Cement with 38 points and Inv. Banks / Inv. Cos. / Securities Cos. with 25 points.

The most points taken off the index was by HUBC which stripped the index of 122 points followed by ENGRO with 117 points, HBL with 62 points, EFERT with 50 points and LUCK with 27 points.

Sectors propping up the index were Oil & Gas Marketing Companies with 95 points, Pharmaceuticals with 36 points, Oil & Gas Exploration Companies with 33 points, Automobile Assembler with 22 points and Engineering with 14 points.

The most points added to the index was by PSO which contributed 49 points followed by SNGP with 28 points, ABOT with 18 points, OGDC with 18 points and PPL with 17 points.

All Share Volume decreased by 33.49 Million to 522.65 Million Shares. Market Cap increased by Rs.17.16 Billion.

Total companies traded were 403 compared to 419 from the previous session. Of the scrips traded 210 closed up, 173 closed down while 20 remained unchanged.

Total trades increased by 1,307 to 165,668.

Value Traded increased by 3.14 Billion to Rs.22.49 Billion

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