Karachi, October 16, 2020: KSE 100 index depicted erratic behavior today, where it traded between an intraday high of 152 points and intraday low of -326 points, to finally close at 40,164 (up by 0.24 percent).
Major contribution to the index came from HBL, MEBL, UNITY, FFBL and DGKC, where they cumulatively contributed 158 points to the index, whereas MTL, PPL, LUCK, ENGRO and FCEPL lost value to weigh down the index by -78 points.
Low participation was observed today, where investors preferring to remain on sideline, given political noise in the country where opposition is staging multiple power shows against the government.
Traded volume and value for the day stood at 254 million shares and Rs.7.7 billion. UNITY was today`s volume leader with ~45 million shares.
Topline Weekly report:
KSE 100 index closed -1.5 percent on WoW basis, which can largely be attributed to political uncertainty and investors` preference to refrain from participating in the market before the upcoming FATF plenary meeting, where the global watch dog will decide if Pakistan should be excluded from its ‘grey list’.
Major developments during the week were:
- Remittance increased by 31.2 percent YoY to $2.283 billion in September 2020.
- Lt-Gen Asim Saleem Bajwa (retd) resigned from his post as Special Assistant to the Prime Minister.
- Car sales number increased by 18 percent YoY to 13,882 in September 2020.
- IMF projecting Pakistan GDP growth rate at 1 percent for FY21.
- G20 suspends poor nations’ debt payments for six more months until June 2021, benefiting Pakistan.
- SBP reserves declining by $356 million to $11.79 billion.