Karachi, August 27, 2019: Pakistan Stock Market on Tuesday went down by 568 points at a point in time, which was mainly caused by Privatization Commission’s decision to divest Government’s holding in OGDC, PPL and KAPCO.
By , news of 10 percent offload in each company was making, which brought significant selling pressure in these scrips, with major impact in OGDC and PPL. By the end of session, however, staged a recovery and all the losses were reversed with an increase of 121 points in.
The rebound was mainly brought by Power and Fertilizer sector The session closed +31 points (unadjusted). Cement sector scrips also saw buying activity, resulting in DGKC hitting upper circuit while other cement sector MCLF and LUCK also saw buying interest. Cement sector led the table with 19.9 million shares, followed by Banks (15.7 million) and Chemical (11.4 million). LOTCHEM, consecutively, ranked first in volumes with 8.4 million shares, followed by UNITY (7 million) and OGDC (6.6 million).
The Index closed at 30,585 points as against 30,521 points showing an increase of 64 points (+0.2 percent DoD). Sectors contributing to the performance include Banks (-91 points), E&P (-65 points), O&GMCs (-14 points), Power (+67 points), Fertilizer (+62 points), Cement (+58 points) and Inv. Banks (+21 points).
Volumes declined slightly from 122.1 million shares to 118.3 million shares (-3 percent DoD). Average traded value however, increased by 39 percent to reach US$ 33.5 million as against US$ 24.1 million.
Stocks that contributed significantly to the volumes include LOTCHEM, UNITY, OGDC, MLCF, and HMB, which formed 29 percent of total volumes.
Stocks that contributed positively include HUBC (+62 points), ENGRO (+44 points), LUCK (+32 points), DAWH (+27 points) and UBL (+21 points