Finance

PSX shows recovery on Friday

Karachi, July 19, 2019: Pakistan Stock Index oscillated ~650 during the session with +240 points and -408 points. The first session ended 240 points down and 49 million shares traded, whereas the second session saw a recovery in the index resulting in +240 points (unadjusted).

News of State Enterprise / Market Opportunity Fund by State Enterprises helped improve investor sentiment in the second session. Buying activity took place in index heavyweights such as OGDC, PPL, PSO, LUCK, where PSO ended at the upper circuit.

Cement Sector led the volumes chart with 27 million shares, contributed by MLCF (14.4 million) and DGKC (4.5 million), and followed by Technology (14 million) and Power (12 million). TRG ranked second in terms of traded volume with 12 million shares.

The Index closed at 32,459 points as against 32,310 points, showing an increase of 149 points (+0.5 percent DoD). Sectors contributing to the performance include E&P (+66 points), Fertilizer (+48 points), O&GMCs (+43 points), Cement (+26 points), Chemical (+9 points).

Volumes increase by further from 87 million shares to 121 million shares (+39 percent DoD). Average traded value, however, increased by 15.9 percent DoD to reach US 27.2 million as against US 23.5 million. 

Stocks that contributed significantly to the volumes include MLCF, TRG, KE, PAEL, and BOP, which formed 43 percent of total volumes.

Stocks that contributed positively include ENGRO (+39 points), OGDC (+33 points), PPL (+31 points), LUCK (+24 points) and FFC (+23 points). Stocks that contributed negatively include UBL (-32 points), HUBC (-21 points), NESTLE (-17 points), DAWH (-10 points) and BAHL (-8 points).

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