Finance

Pakistan equities closed Monday on a negative note

Islamabad, December 23, 2019: Pakistan equities closed Monday on a negative note with benchmark KSE100 Index shedding 825 points, closing at 40,008 level, down 2.0 percent. The market remained lackluster throughout the trading session after a hectic sell-off being observed.

Moreover on the political front Indian and Pakistani troops exchanged fire in some areas along the restive Line of Control (LoC) in the disputed Himalayan region of Kashmir adding more turbulence towards the red index. PPL (-4.4 percent), HBL (-3.5 percent), OGDC (-2.4 percent), DAWH (-4.5 percent), HUBC (-2.8 percent), UBL (-1.9 percent), ENGRO (-1.3 percent), POL (-1.7 percent), MCB (-1.2 percent) and FFC (-1.2 percent) cumulatively contributed towards the negative index close.

Traded value stood pretty low at $45 million, down 18 percent and volume stood at 179 million shares, down 1 percent. Furthermore, major contribution to total market volume came from WTL (-5.5 percent), HASCOLR1 (-9.5 percent), UNITY (-5.5 percent) and FFL (-6.8 percent). We expect market to remain lackluster due to the rollover week, and recommend any major dips in the market should be taken as an opportunity to accumulate value stocks.

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