Equity market witnesses buying on rating reports

KARACHI: The equity market witnessed buying activities during the day following reports of downgrading Pakistan’s rating.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,264 points as against 40,289 points showing a decline of 24 points.
Analysts at Arif Habib Limited said that KSE-100 index opened on a positive note with +17 points and 0.5 million shares.
The first session ended 102 points down with 67.6 million shares traded.
Other than banking sector, Cement, Steel, OMCs, E&P and Autos remained negative throughout the day.
News regarding Fitch downgrading Pakistan from B to B negative dented some buying enthusiasm in the second session.
Besides, announcement of financial results by ISL faced mixed reaction.
The traded volume in ISL did increase in the end, but the scrip traded negative by the end of session.
Among the banking sector scrips, MCB ended below the opening level, whereas HBL also lacked the vigor it showed in the previous sessions.
Among the banking sector, which led the volumes table with 34.9 million shares, BOP realized 25 million volume.
Sectors contributing to the performance include Banks (+60 points), Fertilizer (+41 points), Power (+7 points), E&P (-40 points), O&GMCs (-35 points), Cement (-17 points), Auots (-10 points).
Volumes declined from 245.8 million shares to 155.9 million shares (-37 percent DoD). Average traded value also declined by 35 percent to reach $46.5 million as against $70.9 million.
Stocks that contributed significantly to the volumes include BOP, PIBTL, FFL, UNITY and TRG, which formed 44 percent of total volumes.
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