Karachi, November 24, 2020: PSX showed slight signs of recovery as the KSE-100 index made an intraday high of +389 points and closed at 39,863 level (up 231 points). The positive impact was observed mainly due to the decision of the Monetary Policy Committee (MPC) to keep the policy rate unchanged at 7 percent. A total of 175mn shares were traded in the day.
Top contributors to total volume were UNITY (2.0 percent), TRG (1.7 percent), MLCF (-0.9 percent), HUMNL (6.7 percent) and PRL (1.4 percent) making a total of 65 million shares. However, a rapid increase in coronavirus cases can be a threat to economy as it might lead to lockdown.
The Government of Sindh has restricted working hours from 6am to 6pm for local markets. POL (2.2 percent), OGDC (1.2 percent) and PPL (0.8 percent) from the E&P sector edged higher as crude oil prices inched up in international markets.
Moreover Steel and Refinery sector also saw some recovery where ASL (4.7 percent), ASTL (0.4 percent), MUGHAL (2.6 percent), ATRL (0.7 percent) and NRL (1.3 percent) all closed in the green. Moving forward, we expect market to remain bearish due to political uncertainty and global rise in corona cases. Hence, we recommend investors to avail any opportunity to buy on dips.
