Finance

Pakistan stock gains

Karachi, February 28, 2019: Pakistan Stock Exchange (PSX) opened on a positive note on Thursday and leaped by 123 points at the opening.

During the session, the index increased by 456 points, however, later the investors showed concern due to tensions on the border, which resulted in a decline of 134 points.

Market recovered back in the last trading hours that resulted in an adjusted closing with an increase of 362 points.

Though volumes declined as compared to yesterday, nonetheless healthy volumes were seen in the end. Banking sector led the volumes table with 24 million shares, which was topped by BOP.

On Thursday, the KSE-100 Index closed at 39,055 points as against 38,693 points showing an increase of 362 points or +0.9 percent (DoD).

Sectors contributing to the performance include Banks (+63pts), Autos (+37pts), Pharma (+35pts), Tobacco (+33pts), Miscellaneous (+29pts).

Volumes declined from 274 million shares to 159 million shares (-42% DoD). Average traded value also declined by 28% to reach US$ 53 million as against US$ 74 million.

Stocks that contributed significantly to the volumes include BOP, WTL, KEL, PAEL and FCCL, which formed 29% of total volumes.

Stocks that contributed positively include DAWH (+36pts), PAKT (+33pts), OGDC (+29pts), PSEL (+23pts), and MEBL (+19pts). Stocks that contributed negatively include MCB (-19pts), NESTLE (-14pts), PPL (-12pts), ENGRO (-11pts) and EFERT (-11pts)

It may be mentioned for the last one week sentiments in the market were negative due to tension on Pakistan India boarder. However after the some positive announcement by the government of Pakistan, investors’ confidence restored and they returned to the market.

The experts are expecting that stock will made some more recovery in coming days as Pakistan has already announced to release the Indian pilot Abi on Friday. He was arrested on Wednesday by the Pakistan Armed forced as his jet was shot down by Pakistan air force for violation of boarder.

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