Finance

PSX index closed in a negative territory

Karachi, August 12, 2020: The benchmark KSE-100 index closed in negative territory, making a high and low of +559 and -169 points respectively, to finally close at 40,473 levels, down 86 points.

The market remained active in today’s trading session but came under slight pressure in the second half with Cements and E&Ps being the major shakers today where LUCK (-0.9 percent), PIOC (-4.1 percent), CHCC (-2.2 percent), POL (-0.8 percent), and PPL (-1.1 percent) closed in the red zone. Oil in the international market moved higher after U.S. crude inventories fell more than expected.

Furthermore, LUCK (-0.9 percent), MCB (-0.9 percent), PPL (-1.1 percent), DAWH (-1.5 percent), PSO (-1.6 percent) and PIOC (-4.1 percent) were the major index shakers. Traded value stood slightly below at $133 million, down 10 percent and volume stood at 591 million shares, down 1 percent. Furthermore, major contribution to total market volume came from HASCOL (-3.0 percent), TRG (2.7 percent), PRL (-0.1 percent), MLCF (-2.4 percent), UNITY (-2.0 percent) and WTL (-5.4 percent). Going forward, expect market to remain volatile with intraday corrections expected, recommend investors to Sell on Strength.

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