Finance

PSX index closed on a negative note on monday

Karachi, February 11, 2020: Market again faced a significant drawdown that saw index going down by 947 points during the session and closing 825 points down from LDCP (unadjusted). Inflationary pressures, political wrangling and in-progress normalization of inverted yield curve have proven to be detrimental to investor sentiment which has seen market nose diving from ~43800 to ~39300 (a loss of 4500 points in general).

Stocks declined all and sundry, from E&P to Refineries and Banks to Cement. Cement sector led the volumes with 27.4 million shares, followed by Technology (23.2 million) and O&GMCs (20.2 million). Among scrips, HASCOL led the volumes with 15.3 million shares, followed by UNITY (11.6 million) and MLCF (9.6 million).

The Index closed at 39,296 points as against 40,144 points showing a decline of 847 points (-2.1 percent DoD). Sectors contributing to the performance include E&P (-138 points), Banks (-125 points), Fertilizer (-87 points), O&GMCs (-86 points) and Cement (-76 points).

Volumes declined from 193.6 million shares to 180.8 million shares (-7 percent DoD). Average traded value also declined by 2 percent to reach US$ 43.1 million as against US$ 44.1 million.

Stocks that contributed significantly to the volumes include HASCOL, UNITY, MLCF, TRG and WTL, which formed 30 percent of total volumes. Stocks that contributed positively include PAKT (+33 points), MCB (+11 points), HMB (+4 points), THALL (+2 points) and AICL (+1 points). Stocks that contributed negatively include ENGRO (-53 points), NESTLE (-47 points), OGDC (-45 points), PSO (-41 points), and PPL (-39 points).

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