Finance

Pakistan Stock Exchange news: index showing decline of 1299pts

Karachi, October 29, 2020: Increasing incidence of Corona cases, partial lockdown in Pakistan, Lockdowns in European countries, End of roll-over week, End of result season, Global sell-off in Stocks as well as Commodities markets were enough for the market to lose 1911 points during the session.

KSE30 touched 5 percent prior to the maximum time limit of 2:30 and reversed in time to avoid market halt. Selling pressure was evident across the board with heavy selling in E&P and Banking sector stocks, which saw respective price levels near and at lower circuits. Among scrips, UNITY topped the volumes with 60.5 million shares, followed by MLCF (39.1 million) and PIBTL (38.6 million).

The Index closed at 39,888 points as against 41,187 points showing a decline of 1299 points (-3.2 percent DoD). Sectors contributing to the performance include Banks (-256 points), E&P (-195 points), Fertilizer (-126 points), Cement (-102 points) and O&GMCs (-100 points).

Volumes increased from 368.5 million shares to 541.8 million shares (+47 percent DoD). Average traded value also increased by 34 percent to reach US$ 126.9 million as against US$ 94.5 million.

Stocks that contributed significantly to the volumes include UNITY, MLCF, PIBTL, HASCOL and FCCL, which formed 37 percent of total volumes. Stocks that contributed positively to the index include PAKT (+12 points), ICI (0 points), SCBPL (+0 points), MUREB (+0 points) and ATLH (+0 points). Stocks that contributed negatively include PPL (-67 points), ENGRO (-66 points), POL (-65 points), HBL (-58 points) and HUBC (-57 points).

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