Closing Bell: Thumbs down

June 15, 2020 (MLN): Budget 2020-21 failed to cheer the Pakistan Stock Market. The benchmark index nosedived 786 points and closed at 33,824-level.

Bears were completely in charge in the bourse as the budget was non-event for market participants.  Contrary to the investors’ expectations, no major tax cuts and incentives were announced in the budget which could inject positivity in the markets, hence they went for profit booking.

As per closing note of Aba Ali Habib Securities, this decline in benchmark KSE-100 index was also spillover effect as global equities are down due to fear of a second wave of virus infection which could hinder the economic recovery.

The Index remained negative throughout the session touching an intraday low of 33,814.80

Of the 96 traded companies in the KSE100 Index 12 closed up 81 closed down, while 3 remained unchanged. Total volume traded for the index was 164.52 million shares.

Sector wise, the index was let down by Commercial Banks with 178 points, Oil & Gas Exploration Companies with 115 points, Cement with 100 points, Fertilizer with 89 points and Power Generation & Distribution with 58 points.

The most points taken off the index was by MCB which stripped the index of 51 points followed by OGDC with 50 points, UBL with 45 points, LUCK with 45 points and HUBC with 43 points.

Sectors propping up the index were Pharmaceuticals with 3 points, Vanaspati & Allied Industries with 2 points and Textile Spinning with 1 points.

The most points added to the index was by ANL which contributed 8 points followed by SEARL with 6 points, JLICL with 5 points, LOTCHEM with 4 points and SYS with 3 points.

All Share Volume increased by 84.96 Million to 262.84 Million Shares. Market Cap decreased by Rs.127.18 Billion.

Total companies traded were 355 compared to 336 from the previous session. Of the scrips traded 84 closed up, 250 closed down while 21 remained unchanged.

Total trades increased by 30,830 to 107,646.

Value Traded increased by 1.97 Billion to Rs.8.28 Billion

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