Economy

Ramadan started on a positive note, Stock Market went up by 200pts

Karachi, May 7, 2019: First day of Ramadan started on a positive note, went up by 200 points and ended in the green zone with 42 points (unadjusted). Nonetheless, several scrips including blue chips saw aggressive selling at the bourse, such as SNGP, PSO, OGDC, KEL, HUBC, etc.

The banking sector, on the contrary, performed well with HBL closing near the upper circuit whereas UBL was also seen trading near the upper circuit. Banking sector topped with 12.4M shares, followed by Power (12M). Among scrips, KEL ranked first with 9.6M shares, followed by BOP (5.3M). Other scrips which generated volumes include SNGP, MLCF, HUBCR, and LOTCHEM.   

·         The Index closed at 35,631pts as against 35,605pts showing an increase of 25pts (+0.1% DoD). Sectors contributing to the performance include Banks (+190pts), Food (+17pts), Cement (-44pts), O&GMCs (-29pts), Power (-28pts), E&P (-21pts), Pharma (-16pts).

·         Volumes declined again from 71.4mn shares to 65.4mn (-8% DoD). Average traded value also declined by 13% to reach US$ 19.4mn as against US$ 22.4mn.

·         Stocks that contributed significantly to the volumes include KEL, BOP, SNGP, MLCF and HUBCR, which formed 37% of total volumes.

·         Stocks that contributed positively include HBL (+86pts), UBL (+54pts), MCB (+28pts) NESTLE (+22pts) and NBP (+14pts). Stocks that contributed negatively include LUCK (-21pts), SEARL (-18pts), HUBC (-15pts), PSO (-13pts) and ENGRO (-12pts).

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