Stock gains 14 points

Karachi, July 16, 2019: The KSE-100 Index of Pakistan Stock Exchange closed at 32,972 points on Tuesday as against 32,958 points on Monday showing an increase of 14 points or 0.04 percent.

Cement and E&P sector played a major role in setting the pace of the market on Tuesday, which oscillated between +135pts and -354pts. E&P scrips POL and PPL traded near lower circuits, whereas OGDC also saw significant selling pressure. Similarly, O&GMCs saw key scrips under pressure, such as PSO and SNGP.

MLCF and DGKC also traded near lower circuits, however, recovered later in the day’s trading. Cement sector led the volumes table with 27 million shares, followed by Power (22 million) and Technology (15 million). Scrip wise activity shows KEL as volume leader with 20 million shares, followed by MLCF (14 million) and TRG (13 million).

Sectors contributing to the performance include banks (46 points), Cement (26 points), Fertilizer (18 points), Power Generation (4 points), and Transport (3 points).

Volumes increased by from 138.7 million shares to 69.1 million shares (+100 percent DoD). Average traded value increased by merely 92 percent to reach US$ 28.3 million as against US$ 14.8 million. 

Stocks that contributed significantly to the volumes include KEL, MLCF, TRG, BOP and LOTCHEM, which formed 43 percent of total volumes.

Read More: SBP increases policy rate by 100 bps to 13.25 pc

Stocks that contributed positively include UBL (+24 points), LUCK (+24 points), HBL (+23 points), ENGRO (+17 points) and MCB (+15 points). Stocks that contributed negatively include POL (-29 points), PPL (-21 points), BAHL(-11 points), NML (-10 points) and ABOT (-9 points)

Analysts said that stocks showed recovery led by selected auto, oil and banking scrips on strong valuations.

Uncertainty over SBP policy rates announcements later today and SBP report hinting economic slowdown in FY20 depicting GDP growth at 3.3 percent in FY19 invited mid-session pressure, they added.

Dismal data on FDIs in FY19, Reports on surging bank deposits and higher banking spreads, hike in local auto prices and higher global crude oil prices played a catalyst role in positive close, they said.

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