Economy

Pakistan Stock closes lower before Eid

Karachi, June 3, 2019: Last trading session before Eid and Budget ended negative for the course. Although clarity on EMOF and SEF was given by ECC last week, investors’ seemed concerned over Budget, which is likely to adopt tough budgetary measures to bring fiscal discipline. 

Besides, rapidly falling international crude prices brought selling pressure in the E&P sector that accentuated the impact on the market. Banking sector led the volumes table with 39M shares followed by Technology (24M). Amongst scrips, BOP scored 25M shares followed by WTL amongst Technology scrips with 20 million shares. MLCF ranked amongst top 10 volume scrips for the second consecutive day, amidst selling pressure.    

The Index closed at 35,505pts as against 35,975pts showing a decline of 470pts (-1.3 percent DoD). Sectors contributing to the performance include E&P (-205pts), Fertilizer (-80pts), Cement (-57pts), O&GMCs (-40pts), Textile (-33pts), Banks (+22pts).

Volumes declined significantly from 199 million shares in the last trading session to 124.6 million shares (-37 percent DoD). Average traded value also declined by 47 percent to reach US$ 31.7 million as against US$ 60.3 million.

Stocks that contributed significantly to the volumes include BOP, WTL, MLCF, OGDC, and KEL, which formed 50 percent of total volumes.

Stocks that contributed positively include HBL (+61pts), MCB (+51pts), EFUG (+7pts), ABOT (+6pts) and HASCOL (+6pts). Stocks that contributed negatively include PPL (-80pts), POL (-62pts), OGDC (-42pts), EFERT (-32pts) and LUCK (-31pts).

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