Stock market sheds 28 points amid FATF announcement

KARACHI: The stock market witnessed 28 points decline on Friday amid announcement of FATF regarding Pakistan’s position.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,870 points as against 33,899 points showing a decline of 28 points.

Analysts at Arif Habib Limted said that the market ended the first session +124 points with 45 million shares in trade, however, the second session resulted in index closing in red with -28.4 points, adding 70 million more shares in trading volume.

Activity was relatively brisk in second session as compared to first session.

The second session braced for the impact of FATF decision on Pakistan, which gives a hint of stern action in case the unresolved action points are not resolved. Pakistan stays in grey list till February 2020.

Overall, the market oscillated between +198 points and -231 points, where the second half showed more negativity. EFERT announced its financial results that gave more than anticipated dividends thus giving way for the stock price to hit upper circuit.

Sectors contributing to the performance include Banks (-52 points), Tobacoo (-37 points), Chemical (-13 points), Autos (-12 points), Fertilizer (+104 points).

Volumes declined from 137.9 million shares to 115 million shares (-17 percent DoD). Average traded value on the contrary increased by 30 percent to reach US$ 31.3 million as against 24.2 million.

Stocks that contributed significantly to the volumes include LOTCHEM, EFERT, BOP, TRG and UNITY, which formed 38 percent of total volumes.

Stocks that contributed positively include ENGRO (+56 points), EFERT (+41 points), NESTLE (+12 points), FFC (+11 points) and MARI (+10 points). Stocks that contributed negatively include HBL (-39 points), PAKT (-27 points), OGDC (-16 points), INDU (-12 points), and PMPK (-10 points).

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