Closing Bell: PC saves the day!

January 22, 2020 (MLN): The bouts of glumness continued to trouble the KSE-100 index, as it went on to lose a further 65 points in today’s session, and ultimately closed at 42,651-level.

This comes as a disappointment for several market observers, as the benchmark index has been down for third day in a row and has lost 606 points or 1.40% this week

Easily, OGDC was the key driver of today’s performance as it first went lower circuit in the initial hours of the session, as a result of local investors selling off its stock amidst circulation of reports that the Government was selling around 10% shares of the company.

However, the market recuperated slightly towards the end after the Privatization Committee dispelled the rumors of OGDC shares being offered at discount or historical average.

The Index traded in a range of 530.05 points or 1.24 percent of previous close, showing an intraday high of 42,674.76 and a low of 42,144.71.

Of the 95 traded companies in the KSE100 Index 40 closed up 52 closed down, while 3 remained unchanged. Total volume traded for the index was 118.31 million shares.

Sector wise, the index was let down by Oil & Gas Exploration Companies with 71 points, Oil & Gas Marketing Companies with 36 points, Tobacco with 22 points, Inv. Banks / Inv. Cos. / Securities Cos. with 18 points and Power Generation & Distribution with 12 points.

The most points taken off the index was by OGDC which stripped the index of 71 points followed by PAKT with 22 points, DAWH with 17 points, PSO with 12 points and POL with 12 points.

Sectors propping up the index were Cement with 58 points, Fertilizer with 33 points, Commercial Banks with 11 points, Food & Personal Care Products with 9 points and Textile Composite with 4 points.

The most points added to the index was by LUCK which contributed 42 points followed by FFC with 20 points, ENGRO with 18 points, MCB with 17 points and UBL with 10 points.

All Share Volume increased by 0.42 Million to 177.98 Million Shares. Market Cap decreased by Rs.46.77 Billion.

Total companies traded were 352 compared to 344 from the previous session. Of the scrips traded 139 closed up, 189 closed down while 24 remained unchanged.

Total trades increased by 10,095 to 75,628.

Value Traded increased by 2.48 Billion to Rs.9.29 Billion

Copyright Mettis Link News