KSE-100 gains 398 points amid COVID lockdown

KSE-100 gains 398 points amid COVID lockdown

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Monday gained 398 points despite implementation of strict lockdown.

The index closed at 47,453 points as against last Friday’s closing of 447,055 points, showing an increase of 398 points.

Analysts at Arif Habib Limited said Disregarding the stringent COVID lockdown conditions, the KSE-100 index performed well today, adding a total of 453 points during the session.

Traded volumes remained thin in comparison with daily traded volumes. Activity was tilted towards Technology and Textile sectors, which was mainly due to the ascend in PKR parity against USD, climbing 163 in the kerb market.

Besides these sectors, investors took fresh positions in chemical, O&GMCs and Cement sector stocks after the successful closure of the rollover week on Friday.

Financial results posted earlier in the session also helped reinforce and restores investor confidence. Among scrips, WTL led the volumes with 16.7 million shares, followed by HUMNL (15.9 million) and BYCO (13.7 million).

Sectors contributing to the performance include Banks (+62 points), Technology (+58 points), Chemical (+48 points), Textile (+47 points) and Power (+31 points).

Volumes declined from 399 million shares to 252.3 million shares (-37 per cent DoD). Average traded value also declined by 33 per cent to reach US$ 56.5 million as against US$ 84.1 million

Stocks that contributed significantly to the volumes include WTL, HUMNL, BYCO, TELE and HASCOL, which formed 27 per cent of total volumes.

Stocks that contributed positively to the index include TRG (+32 points), EPCL (+29 points), MCB (+27 points), HUBC (+25 points) and SYS (+25 points). Stocks that contributed negatively include DAWH (-10 points), LUCK (-7 points), POL (-5 points), AGP (-5 points) and BAFL (-4 points).

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