Closing Bell: Drats!!

October 02, 2020 (MLN): The capital markets initially maintained the momentum which built up in late hours of previous day. However, lack of triggers influenced investors to sell stocks in the late hours which led the KSE-100 index into the red region.

The KSE-100 concluded the volatile session on a negative note by losing 606 points today and closed at 40,070-level. This was 1.49% lower compared to the previous closing.

The markets saw selling pressure in E&P, OMCs as Oil prices extended losses today amid a worsening pandemic that hit demand for fuel.

The index followed the route of global equities as U.S. stock futures extended losses on Friday after President Donald Trump said he and his wife had tested positive for the coronavirus, weeks ahead of elections while Asian markets were mixed in holiday-thinned trade with investors keeping an eye on stimulus talks in Washington.

Besides this, Nishat Chunian Limited (NCL) witnessed a whopping 91.6% YoY decline in net profits to Rs.265.3 million for FY20, compared to Rs 3.16 billion booked in FY19.

The Index traded in a range of 933 points, showing an intraday high of 40,838 and a low of 39,905 points.

Of the 94 traded companies in the KSE-100 Index, 73 closed down, 17 closed up, while 4 remained unchanged. The total volume traded for the index was 255.66 million shares.

Sector-wise, the index was let down by Oil and Gas Exploration companies with 134 points, Oil and Gas Marketing companies with 77 points, Commercial Banks with 71 points, Cement with 57 points, Technology & Communication with 54, and Fertilizer with 46 points.

The most points taken off the index was by PPL which stripped the index of 50 points followed by OGDC with 44 points, TRG with 36 points, and POL with 33 points.

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