KSE-100 declines 314 points.
Byline: Zubair Yaqoob
Karachi -- The down trend in market continues amidst repo activity. Despite the absence of MTS volume, market remained under selling pressure. Power sector led the volumes on the bourse with 33M shares, followed by Banks (19M). KEL remained on the top consecutively on the second day with 24M shares, which is followed by PAEL (7M).
Banking sector saw price erosion in HBL and UBL, with HBL taking the major toll and reaching recent lows. Similarly, stocks that have potential negative effect due to increase in Rupee: Dollar parity performed poorly.
While those stocks which have positive impact emanating from high parity failed to grab investors' interest due to weak macroeconomic fundamentals. The Index closed at 33,774pts as against 34,089pts showing a decline of 314pts (-0.9% DoD). Sectors contributing to the performance include Fertilizer (-80pts), E and P (-76pts), Commercial Banks (-58pts), Cement (-30pts) and Power Generation (-24pts). Volumes decreased from 159.6mn shares to 135.0mn shares (-15% DoD).
Average traded value also decreased by 7.5% to reach US$ 27.9mn as against US$ 30.1mn. Stocks that contributed significantly to the volumes include KEL, PAEL, FFBL, BOP and MLCF, which formed 37% of total volumes. Stocks that contributed negatively include PPL (-44pts), FFC (-40pts), HBL (-35pts), HUBC (-29pts) and ENGRO (-23pts). Stocks that contributed positively include INDU (+10pts), MEBL (+9pts), FATIMA (+8pts), ABOT (+7pts) and HMB (+7pts)
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|Publication:||Pakistan Observer (Islamabad, Pakistan)|
|Date:||Jun 28, 2019|
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