Stock market makes recovery after massive intra-day fall

Stock market makes recovery after massive intra-day fall

KARACHI: The stock market ended by a decline of 251 points on Thursday after making recovery from significant fall earlier in the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,087 points as against 38,338 points showing a decline of 251 points.

Analysts at Arif Habib Limited said that the market made a strong comeback after losing 1420 points earlier in the session.

The recovery extended into MoC and closed the session -251 points. Concerns relating to Coronoa were on investors’ minds that caused the selling pressure, which was also aggravated by Moody’s report on banking sector, relaying negativity on the banking sector.

Recovery however, also came in banking sector, followed by Cement which has recently been showing decent progress in terms of dispatches. Cement sector led the volumes with 39.4 million shares, followed by Vanaspati (29.1 million) and O&GMCs (28.8 million).

Among scrips, UNITY topped with 29.1 million shares, followed by HASCOL (17.5 million) and MLCF (15.1 million).

Sectors contributing to the performance include E&P (-131 points), O&GMCs (-50 points), Food (-42 points), Autos (-25 points), Insurance (-25 points), Banks (+61 points) and Cement (-27 points).

Volumes increased from 147.9 million shares to 248.9 million shares (+68 percent DoD). Average traded value also increased by 44 percent to reach US$ 64.7mn as against US$ 45.1 million.

Stocks that contributed significantly to the volumes include UNITY, HASCOL, MLCF, BOP and TRG, which formed 35 percent of total volumes.

Stocks that contributed positively include UBL (+62 points), HBL (+30 points), MCB (+21 points), LUCK (+16 points) and ENGRO (+16 points).

Stocks that contributed negatively include PPL (-55 points), OGDC (-46 points), POL (-31 points), BAHL (-25 points), and NESTLE (-24 points).

Leave a Reply

You have to agree to the comment policy.