Finance

PSX index closed with a negative note on Wednesday

Karachi, January 08, 2019: Again market took the toll of early morning Iranian strike on Iraqi Military base housing American soldiers. Oil price went haywire with an initial surge towards $72/bbl, but gradually came down as Iranian government signaled an end to confrontation for the time being. Oil & Gas chain bore the brunt of war hysteria and stock prices went down in early trading.

Later, as the nerves calm down, market staged a recovery erasing a loss of some 400 points and went positive 35 points. Selling pressure built later during the day and market saw losses piling up -731 points.

MoC saw another recovery attempt that ended the session -467 points (unadjusted). Banking sector led the volumes table with 54.9 million shares, followed by Power (44.8 million) and Cement (26.9 million). Among scrips, KEL traded 39.4 million shares, followed by BOP (38.2 million) and TRG (11.6 million).

The Index closed at 41,358 points as against 41,904 points showing a decline of 547 points (-1.3 percent DoD). Sectors contributing to negatively include Commercial Banks (-148 points), Oil and Gas Exploration Companies (-77 points), Power (-62 points), Fertilizer (-55 points) and O&GMCs (-37 points).

Volumes increased from 207.3 million shares to 280 million shares (+35 percent DoD). Average traded value also increased by 27 percent to reach US$ 75.4 million as against US$ 59.2 million.

Stocks that contributed significantly to the volumes include KEL, BOP, TRG, MLCF and STPL, which formed 40 percent of total volumes.

Stocks that contributed negatively include HBL (-104 points), PPL (-49 points), HUBC (-42 points), FFC (-37 points) and NBP (-19 points). Stocks that contributed positively include DAWH (+37 points), LUCK (+32 points), and NATF (+11 points).

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