Closing Bell: Investors’ confidence restored?

May 15, 2019 (MLN): KSE-100 index made a handsome recovery today after it gained 406 points and closed the session at 34,291 points supported by the finalization of  long-awaited IMF agreement which would provide $6 billion over 3- years, brought certainty regarding the key policy matters and the market direction which toned down investors’ anxiety level by manifolds. In addition, Pakistan has successfully retained its emerging market status in MSCI Emerging Market, which further restored investors’ confidence.

The hopes among the market participants that the market would reverse its bearish trend after finalization of the IMF agreement seems to come true.

On the other hand, the expectations regarding the host of new taxation and abolition of subsidies, increase in gas and electricity tariff and further devaluation of the rupee are likely to keep market in the state of uncertainty.

Oil & Gas exploration Companies emerged as the top performer during the session, as they contributed around 208 points to the index.  Power Generation & Distribution Companies and Fertilizer sector took the second and third lead as they contributed approximately 62 and 55 points respectively by the day end.

Furthermore, the scrips that significantly influenced the benchmark index’s performance included PPL (+5%), POL (+5%), OGDC (+2.37%), HUBC (+2.97%) and EFERT (+3.57%).

Engulfed within a range of 558 points, the index touched an intraday high of 34,443 points and an intraday low of 33,885 points.

On the whole, 92 million shares of 89 companies were traded today, at PKR 4.16 billion. Moreover, out of these 89 companies, the share prices of 61 companies reported an increase whereas, 28 companies reported a decline.

Meanwhile, the broader KSE All Share index gained 275 points in today’s trade and closed the session at 25,285 points which is 1.1% lower than yesterday’s closing value at the index.

A total of 110.8 million shares were traded within this index at PKR 4.4 billion.

Copyright Mettis Link News

Posted on: 2019-05-15T14:46:00+05:00

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