Finance

PSX index closed showing an increase of 490pts

Karachi, August 25, 2020: Market opened on a positive note today and carried the momentum by adding a total of 538 points and closing the session +490 points (unadjusted). Banking sector stocks advanced today and were supported by a rebound in prices of E&P, OMCs, Refinery, Chemicals, Steel sectors.

Expectation of rebound in Economy and Current Account Surplus helped Index stage recovery. Cement sector also contributed positively on the back of higher dispatches in the month of August 2020. Selling pressure in E&P and OMCs subsided, compared with last few sessions making it possible for the underlying scrips to show price groth.

Cement sector topped the volumes with 88 million shares, followed by OGMCs (66.4 million) and Technology (56.7 million). Among scrips, HASCOL posted 50.2 million shares, followed by UNITYR2 (37.7 million) and TRG (30 million).

The Index closed at 40,293 points as against 39,803 points showing an increase of 490 points (+1.2 percent DoD). Sectors contributing to the performance include Banks (+93 points), E&P (+91 points), Power (+56 points), Chemical (+41 points) and O&GMCs (+39 points).

Volumes increased from 371.7 million shares to 535.1 million shares (+44 percent DoD). Average traded value also increased by 36 percent to reach US$ 120.8 million as against US$ 88.7 million.

Stocks that contributed significantly to the volumes include HASCOL, UNITYR2, TRG, PRL and POWER1, which formed 31 percent of total volumes. Stocks that contributed positively to the index include HUBC (+51 points), HBL (+34 points), UBL (+28 points), OGDC (+25 points) and MARI (+25 points). Stocks that contributed negatively include LUCK (-10 points), DAWH (-6 points), FCEPL (-3 points), PMPK (-3 points) and NBP (-2 points).

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