Finance

PSX market closes higher despite attack

Karachi, June 29, 2020: Market had an eventful session, marred by the attack on Pakistan Stock Exchange in the early hours of trading, which was fought off and well managed by the Security forces.

The index went down by 220 points in the early part of the session, but gradually recovered with +268 points and closing the session +250 points (unadjusted). Buying activity was observed in Banks, Cement and O&GMCs.

Federal Budget 2021 was also scheduled to be presented in the Assembly today and got due approval. Overall volumes dipped below last trading session, however, most of the activity concentrated on financial year end closing prices.

Cement sector topped the volumes with 26 million shares, followed by O&GMCs (25.3 million) and Refinery (22.2 million). Among scrips, PRLR realized 18.4 million shares, followed by HASCOL (11.2 million) and SSGC (8.5 million).

The Index closed at 34,182 points as against 33,939 points showing an increase of 242 points (+0.7 percent DoD). Sectors contributing to the performance include O&GMCs (+74 points), Cement (+37 points), Banks (+35 points), Autos (+25 points), E&P (+21 points).

Volumes declined from 198.2 million shares as against 156.9 million shares (-23 percent DoD). Average traded value also declined by 18 percent to reach US$ 34 million as against US$ 40.3 million.

Stocks that contributed significantly to the volumes include PRLR1, HASCOL, SSGC, DGKC and MLCF, which formed 36 percent of total volumes. Stocks that contributed positively to the index include PSO (+38 points), LUCK (+22 points), BAFL (+19 points), PAKT (+19 points) and NBP (+18 points). Stocks that contributed negatively include BAHL (-17 points), HUBC (-14 points), EFERT (-10 points), JLICL (-8 points), and UBL (-7 points)

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