Closing Bell: Unsustainable recovery

May 20, 2019 (MLN): Following a bearish session last week, the the KSE-100 index ended first day of the week on a hopeful note by landing in consolidation. After gaining 84 points, the index closed today’s trading session at 33,250 points, marking a positive growth of 0.25% from previous session’s closing.  

The market started the day on a negative note, as the index lost 678 points and traded below 33,000-mark during the early hours of the first session.

However, the market later rallied in the last trading session, retrieving some of the earlier losses due to positive sentiments emanating from the attempt by the government to launch a ‘Disaster Support Fund” worth Rs.15 to Rs.20 billion to avoid a market meltdown.

Commercial Banks emerged as the top performer during the session, as they contributed around 74 points to the index.  Oil & Gas Marketing Companies and Fertilizer sector took the second and third lead as they contributed approximately 50 and 31 points respectively by the day end.

Furthermore, the scrips that significantly influenced the benchmark index’s performance included ENGRO (+2.59%), HBL (+2.23%), UBL (+2.22%), PSO (+3.94%) and PIBTL (+11.07%).

Engulfed within a range of 970 points, the index touched an intraday high of 33,322 points and an intraday low of 32,352 points.

On the whole, 131 million shares of 93 companies were traded today, at PKR 5.68 billion. Moreover, out of these 93 companies, the share prices of 52 companies reported an increase whereas, 39 companies reported a decline share price of 2 companies remained unchanged.

Meanwhile, the broader KSE All Share index gained 89 points in today’s trade and closed the session at 24,672 points which is 0.37% higher than previous closing value at the index.

A total of 165 million shares were traded within this index at PKR 6 billion.

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