KSE-100 index made a positive progress

Karachi, October 01, 2020: Today the benchmark KSE-100 index made a high and a low of +164 & -458 points respectively before closing at 40,677 levels, up 0.26 percent. Market remained lackluster in the early hours of the trading session but valued buying was seen at the bottom which pushed the market in the positive trajectory.

Financials and E&Ps were the major gainers in today’s session where UBL (+2.2 percent), HBL (+1.4 percent), MCB (+1.8 percent), OGDC (+0.6 percent) and POL (+0.1 percent) closed in the green zone.

HBL closed in the green as the US Federal Reserve Board announced the termination of enforcement actions with Habib Bank Limited Pakistan and Habib Bank Limited New York Branch.

Moreover, oil in the international market is higher on the back of Stimulus hopes. Average daily traded value stood slight low at $76 million, down 19 percent and volume stood at 372 million, down 22 percent from the last trading session.

Furthermore, major contribution to total market volume came from HASCOL (-7.5 percent), KEL (-1.4 percent), UNITY (-2.9 percent), TRG (-3.9 percent) and PIBTL (+1.5 percent). Going forward, we expect the market to remain sideways due to the political unrest and recommend investors to sell on strength.

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