Finance

Sentiments negative at PSX

Karachi, July 24, 2019: Sentiments at Pakistan Stock Exchange were remained negative on Wednesday. Although market opened +10 points and went up by 49 points during the session.

The index bore heavy selling pressure with a slide of 365 points by the end of the session. E&P, Fertilizer, Autos, Cement and Banking sectors bled throughout the day.

Financial results of HBL and SNGP were announced during the session, whereby SNGP received heavy bantering in the last half hour and HBL also saw selling pressure upon announcement of lower than anticipated results.

Investor sentiment remained at anticipating poor results from listed entities. Another important indicator for would be PIB auction, where an inverted yield curve is anticipated to lure investors back to equities in the medium term.

The Index closed at 32,401 points as against 32,716 points showing a decline of 315 points (-1 percent DoD). Sectors contributing to the performance include E&P (-70 points), Fertilizer (-63 points), Banks (-52 points), Power (-49 points) and O&GMCs (-21 points).

Volumes declined from 97 million shares to 84.2 million shares (-13 percent DoD). Average traded value declined by 4 percent to reach US$ 21 million as against US$ 21.8 million. 

Stocks that contributed significantly to the volumes include UNITY, MLCF, DGKC, PAEL and TRG, which formed 37 percent of total volumes.

Stocks that contributed positively include MCB (+17 points), INDU (+8 points), DGKC (+7 points), IGIHL (+4 points) and AGP (+4 points). Stocks that contributed negatively include ENGRO (-41 points), HUBC (-35 points), HBL (-33 points), PPL (-28 points) and FFC (-18 points).

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