Economy

PSX gains 349 points

KARACHI, July 17, 2020: Pakistan Stock Exchange ({SX) realized a gain of +353pts during the two session and closed the day at +349pts (unadjusted) on Friday.

HASCOL turned out to be the head turner, despite posting a loss of 25B the stock ended the session in green with a volume of 87.2M shares.

Refinery sector saw NRL and PRL hitting upper circuit after news of recent disruption in oil supplies and similar performance was observed in other Refinery stocks.

Banking sector stocks remained muted throughout the session.

Steel sector also performed on the back of expectation of an increase in steel prices. O&GMCs posted highest volumes of 92.9M shares courtesy of HASCOL, and was followed by Chemical (52.9M) and Technology (39.2M). Among scrips, LOTCHEM (24.8M) and UNITY (22.1M) followed HASCOL.

The Index closed at 37,331pts as against 37,001pts showing an increase of 329pts (+0.9% DoD). Sectors contributing to the performance include Inv Banks (+60pts), Fertilizer (+52pts), Power (+40pts), Chemical (+35pts) and Autos (+26pts).

Volumes increased further from 402.6M shares to 466.1M shares (+16% DoD). Average traded value however declined by 2% to reach US$ 94.6mn as against US$ 96mn.

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

Stocks that contributed positively to the index include DAWH (+58pts), ENGRO (+48pts), HUBC (+42pts), THALL (+20pts) and PAKT (+15pts). Stocks that contributed negatively include HBL (-14pts), EFUG (-8pts), PPL (-6pts), EFERT (-6pts), and OGDC (-5pts)

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