Economy

PSX remained lacklustre

Karachi, July 12, 2019: Pakistan Stock market remained lacklustre on Friday, following the trend seen in recent past sessions. The source of Low volumes and lack of investor confidence in equities appears to be a higher interest rate, which was further aggravated by an earlier than anticipated schedule of Monetary Policy.

As per SBP, Monetary Policy will now be announced on July 16th rather than end July, as earlier anticipated. HUBC, which have been in the limelight in past sessions remained negative amidst low volumes.

Overall, the index moved in the range of +126 points and -276 points, ending the second session at -193 points (unadjusted). Cement Sector led the volumes table with 9.6 million shares, followed by Power (7.8 million). KEL ranked first in terms of volumes with 6.9 million shares, followed by MLCF (4.5 million).

Read More: Burden of taxes, Textile industry reached the brink of destruction

The Index closed at 33,672 points as against 33,875 points showing a decline of 203 points (-0.6 percent DoD). Sectors contributing to the performance include Cement (-40 points), Power (-28 points), O&GMCs (-27 points), E&P (-18 points), Autos (-18 points), Fertilizer (+33 points).

Volumes increased by 40 percent DoD to reach 55.3 million shares as against 39.5 million. Average traded value also increased by 58 percent to reach US$ 14.3 million as against US$ 9.1 million. 

Stocks that contributed significantly to the volumes include KEL, MLCF, BOP, ESBLR and TRG, which formed 35 percent of total volumes.

Stocks that contributed positively include FFC (+30 points), EFERT (+13 points), UBL (+10 points), HBL (+9 points) and MEBL (+3 points). Stocks that contributed negatively include PSO (-21 points), ENGRO (-15 points), HUBC (-15 points), POL (-12 points) and DGKC (-11 points).

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