PSX index closed on a positive note

Karachi, February 17, 2020: Market witnessed dull activity today barely trading 100 million shares, even lower than 118 million shares observed on Friday. E&P, Fertilizer, Cement and OMCs bore selling pressure, and even Banking sector (barring HBL) faced selling pressure.

News related to HBL’s irregularities in New York branch caused panic amongst investors, however, HBL did recover significantly post clarification by Management on the issue.

The Stock, which has financial results due on February 19th, traded near upper circuit. Vanaspati sector ranked top among volume leaders with 16.1 million shares, followed by Cement (15.4 million) and Banks (12 million). Among scrips, UNITY realized trading volumes of 16.1 million shares, followed by DGKC (9.1 million) and HASCOL (7.9 million).

The Index closed at 40,276 points as against 40,243 points showing an increase of 34 points (+0.1 percent DoD). Sectors contributing to the performance include Banks (+74 points), OMCs (+23 points), E&P (30 points), Power (-29 points), Inv Banks (-13 points).

Volumes declined further from 117.6 million shares to 99.8 million shares (-15 percent DoD). Average traded value increased by 16 percent to reach US$ 28.4 million as against US$ 24.5 million.

Stocks that contributed significantly to the volumes include UNITY, DGKC, HASCOL, HBL and PIBTL, which formed 42 percent of total volumes.

Stocks that contributed positively include HBL (+108 points), KAPCO (+16 points), PSO (+15 points), JLICL (+7 points) and COLG (+6 points). Stocks that contributed negatively include HUBC (-48 points), PPL (-17 points), OGDC (-15 points), MCB (-12 points), and DAWH (-12 points).

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