KSE 100 index lost 247pts

KSE 100 continued negative momentum index lost 247 points
Index declined to make an intraday low of 628 point.

Karachi, August 21, 2020: KSE 100 continued its negative momentum as the index lost 247 points to close at 39,622 level. Index declined to make an intraday low of 628 points which was attributed to news on few media outlets that approval has been granted to sell 7 percent and 10 percent government stake in PPL and OGDC respectively.

Major negative contribution to the index came from PPL, HUBC, OGDC, PSO and LUCK, combining to bring down the index by 180 points. MARI announced a gas discovery at its exploratory well Iqbal-1 (100 percent working interest), drilled in Mari D&PL Area, located in Daharki, District Ghotki, Sindh; the well tested positive for 3.127 MMSCFD of gas.

Traded volume and value for the day stood at 400 million shares and Rs.13.7bn respectively. WTL was today`s volume leader with ~24 million shares

In the Oil and Gas Marketing sector SHEL declared its 2Q2020 result announcement in which it posted LPS of Rs.33.13. Holding companies PKGS and IGILHL posted 2Q2020 results. PKGS posted consolidated diluted 2Q2020 EPS of Rs.7.83 and IGIHL posted consolidated 2Q2020 EPS of Rs.2.19.