Stock declines 723 points

Karachi, August 7, 2019: Pakistan Stock Exchange was remained negative on Wednesday. Index closed at day’s low at -771 points (unadjusted), which was caused by a host of factors including weak economy, confrontation between Pakistan & India on Kashmir issue and poor results.

Redemption at mutual funds kept the flow of selling across the board. Apparently better Financial results of MCB & UBL couldn’t help stock prices of both the Banks in place and just prior to result announcement UBL touched lower circuit.

Cement sector led the volumes with 11.9 million shares, followed by Banks (8.5 million) and Power (7.3 million). KEL topped the chart at 4.6 million shares, followed by MLCF (4.4 million) and LOTCHEM (2.8 million).

The Index closed at 30,277 points as against 31,001 points showing a decline of 723 points (-2.3 percent DoD). Sectors contributing to the performance include Banks (-200 points), E&P (-176 points), Fertilizer (-89 points), Power (-68 points), O&GMCs (-51 points).

Volumes increased from 54 million shares to 65 million shares (+20 percent DoD). Average traded value increased by 3 percent to reach US$ 17.4 million as against US$ 16.8 million.

Stocks that contributed significantly to the volumes include KEL, MLCF, LOTCHEM, TRG and HASCOL, which formed 27 percent of total volumes.

Stocks that contributed positively include DAWH (+9 points), SHFA (+5 points), KTML (+3 points), FFBL (+3 points) and SRVI (+2 points). Stocks that contributed negatively include OGDC (-70 points), UBL (-55 points), HUBC (-51 points), PPL (-51 points) and ENGRO (-45 points)

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