KSE-100 index down by 510 points as no announcement of China financial package

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KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) lost 510 points on Monday due to no announcement of financial package in the Pak-China joint statement.

 

 

 

The index closed at 41,493 points as against 42,004 points on Friday, showing a decline of 510 points.

Analysts at Arif Habib Limited said that the market opened 112 points down from previous day closing and within 15 minutes lost 500 points.

Reason for gloom was PM’s China visit, which was hyped to be extremely successful with anticipation of $6 billion to $9 billion in foreign exchange reserves / Financial Aid / FDI.

During the session, the index moved in negative direction, hitting a low of 41,034 points (-970 points).

For a considerable duration the market moved between -650 points and -850 points that saw buying activity in EPCL, EFERT, TRG, STCL, UNITY, which were on the positive side.

Index was dragged by E&P, Cement and Banking sector scrips, where HBL, UBL, OGDC, PPL, DGKC, LUCK and MLCF caused the index under pressure. EPCL performed well on the back of anticipation of improvement in PVC margins, whereas Auto sector continued performing well for the previous sessions due to foreign buying interest.

Sectors contributing to the performance include Banks (-161 points), Cement (-123 points), E&P (-78 points), O&GMCs (-50 points), Power (-47 points), Pharma (+19 points), Autos (+15 points) and Chemical (+15 points).

Volumes declined from 292mn shares to 214 million shares (-27 percent DoD). Average traded value also declined by 31 percent to reach US$ 72 million as against US$ 104 million.
Stocks that contributed significantly to the volumes include TRG, EPCL, BOP, UNITY and KEL reflecting 35 percent of total volumes.

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