Closing Bell: Indecisiveness persists

February 21, 2020 (MLN): The stock market remained under pressure today with the benchmark KSE-100 index dipped by another 232 points or 0.57% from yesterday’s session and closed the week at 40,249 mark.

The index remained negative throughout the session amid indecisiveness among investors.

According to Ismail Iqbal Securities,  Government’s decision to freeze gas and electricity tariff increment for the near term will bode well for industrials while keeping energy stocks under pressure.

The Benchmark KSE100 index ended the trading session on Friday with a 232.43 point or 0.57 percent decline to close at 40,249.22.

The Index traded in a range of 355.71 points or 0.88 percent of previous close, showing an intraday high of 40,527.08 and a low of 40,171.37.

Of the 89 traded companies in the KSE100 Index 27 closed up 57 closed down, while 5 remained unchanged. Total volume traded for the index was 58.48 million shares.

Sector wise, the index was let down by Fertilizer with 92 points, Commercial Banks with 64 points, Oil & Gas Exploration Companies with 49 points, Inv. Banks / Inv. Cos. / Securities Cos. with 35 points and Pharmaceuticals with 11 points.

The most points taken off the index was by ENGRO which stripped the index of 65 points followed by MCB with 44 points, DAWH with 34 points, OGDC with 31 points and HBL with 24 points.

Sectors propping up the index were Power Generation & Distribution with 24 points, Cement with 21 points, Miscellaneous with 8 points, Tobacco with 6 points and Insurance with 5 points.

The most points added to the index was by HUBC which contributed 24 points followed by LUCK with 18 points, SHFA with 8 points, HMB with 7 points and PMPK with 6 points.

All Share Volume decreased by 26.49 Million to 85.60 Million Shares. Market Cap decreased by Rs.33.17 Billion.

Total companies traded were 326 compared to 330 from the previous session. Of the scrips traded 131 closed up, 172 closed down while 23 remained unchanged.

Total trades decreased by 12,951 to 41,496.

Value Traded decreased by 1.14 Billion to Rs.3.58 Billion