Finance

PSX market index closed at negative 510pts

Karachi, September 03, 2021: The market saw a draw-down of 539 points during the session, which came in the backdrop of depreciating rupee, rising costs of commodities (particularly coal for Cement) and redemption calls at mutual funds end. The cement sector saw significant selling pressure followed by Banks and Technology stocks due to cost pressures and limited flexibility to pass on the costs.

Weak investor sentiment, as evident from longer as anticipated consolidation of the KSE100 benchmark, made even the depreciating rupee a negative factor for Technology, Textile and E&P stocks, which would otherwise benefit. Among scrips, GGL topped the volumes with 57.9M shares, followed by WTL (53.3M) and ANL (42.1M).

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The Index closed at 46,903 points as against 47,413 points showing a decline of 510 points (-1.1 percent DoD). Sectors contributing to the performance include Banks (-138 points), Cement (-125 points), Fertilizer (-43 points), E&P (-38 points) and Technology (-32 points).

Volumes increased from 536.6mn shares to 544.4 million shares (+1 percent DoD). Average traded value also increased by 12 percent to reach US$ 96.2 million as against US$ 8.1mn.

Stocks that contributed significantly to the volumes include GGL, WTL, ANL, SERFR, and TELE, which formed 41 percent of total volumes.

Stocks that contributed positively to the index include NRL (+8 points), PSX (+7 points), ATRL (+7 points), BYCO (+6 points) and MARI (+4 points). Stocks that contributed negatively include UBL (-41 points), HBL (-40 points), LUCK (-36 points), MCB (-30 points) and CHCC (-25 points).

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