Closing Bell: Indecisiveness

June 25, 2020 (MLN): The Benchmark KSE-100 index stumbled today as profit-booking was witnessed amid rollover week at Pakistan Stock Exchange.

While IMF has revised down GDP growth estimate for Pakistan from previous 2% to 1% which further dented investors' sentiments to the extent that ushered the market to fall 325 points and settled at 33,709 level.

According to closing note by Aba Ali Habib Securities, the exponential growth in Covid-19 cases and deaths may remain the cause of concern for the investors as the health experts expect the second wave of Covid-19 to further deteriorate the global economy.

Moreover, State Bank's MPC today decided to cut policy rate by 100bps to 7% after market closing which was reflecting in post close with buying limits at close, a report by Ismail Iqbal Securities highlighted.

The Benchmark KSE100 index ended the trading session on Thursday with a 325.02 point or 0.95 percent decline to close at 33,709.63.

The Index remained negative throughout the session touching an intraday low of 33,658.45

Of the 93 traded companies in the KSE100 Index 19 closed up 71 closed down, while 3 remained unchanged. Total volume traded for the index was 82.21 million shares.

Sector wise, the index was let down by Oil & Gas Exploration Companies with 86 points, Commercial Banks with 55 points, Power Generation & Distribution with 39 points, Food & Personal Care Products with 39 points and Fertilizer with 30 points.

The most points taken off the index was by HUBC which stripped the index of 37 points followed by NESTLE with 35 points, OGDC with 34 points, MCB with 30 points and PPL with 27 points.

Sectors propping up the index were Inv. Banks / Inv. Cos. / Securities Cos. with 11 points, Leather & Tanneries with 3 points, Chemical with 3 points, Textile Spinning with 3 points and Engineering with 1 points.

The most points added to the index was by DAWH which contributed 11 points followed by EFERT with 8 points, COLG with 5 points, ABOT with 3 points and SRVI with 3 points.

All Share Volume decreased by 27.30 Million to 168.43 Million Shares. Market Cap decreased by Rs.57.71 Billion.

Total companies traded were 355 compared to 360 from the previous session. Of the scrips traded 100 closed up, 229 closed down while 26 remained unchanged.

Total trades decreased by 10,274 to 72,426.

Value Traded decreased by 0.54 Billion to Rs.5.24 Billion

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