Finance

PSX index took sharp turn after SC suspended extention of COAS

Karachi, November 26, 2019: Bulls dominated the early hours on the PSX as the benchmark KSE-100 index touched an intraday high of +355 points, however the index took a sharp turn on the back of news that Supreme Court of Pakistan suspended the notification confirming the extension of Chief of Army Staff General Qamar Javed Bajwa for another three years after his term expires on November 29.

The KSE-100 made an intraday low of -676 points to close at 37,795 level (down 417 points). Traded value stood at $118 million, up 110 percent while volume stood at 489 million shares, up 102 percent.

Furthermore, major contribution to total market volume came from UNITY (+7.0 percent), FFL (+5.7 percent) and PAEL (+2.6 percent). Major profit booking was witnessed in the cement sector, where DGKC (-3.5 percent), LUCK (-2.6 percent), PIOC (-2.8 percent) and FCCL (-2.5 percent) were the major loser of the mentioned sector. Banking and E&P stocks also lost ground amid to market pressure where NBP (-3.5 percent), MCB (-2.5 percent), BOP (-1.2 percent), OGDC (-3.2 percent) and PPL (-1.4 percent) all closed lower than their previous day close. Moving ahead, we expect market to remain choppy on the political front therefore recommend investors to book profit on strength.

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