Finance

Stock gains 387 points on Wednesday

Karachi, April 23, 2020: Market traded range bound for most of the session, with Cement, Banks and Engineering (Steel) sectors facing selling pressure, whereas Oil & gas stocks trading green. International crude price rebounded overnight for WTI to trade +15 percent from its previous close and helped OGDC, PPL and HASCOL hitting upper circuits.

Sentiment on banking sector turned negative due to SBP’s direction to the Banks to conserve capital by not declaring dividends. Cement sector, on the other hand, saw profit booking amid poor financial results of some Cement players.

Read More: Cement Sector is posting huge losses industry sources

Cement sector led the volumes with 70.4 million shares, followed by O&GMCs (28.1 million) and Banks (14.7 million). Among scrips, MLCF topped the table with 24.5 million shares, followed by HASCOL (21.9 million) and FCCL (12.1 million).

The Index closed at 32,850 points as against 32,464 points showing an increase of 387 points (+1.2 percent DoD). Sectors contributing to the performance include E&P (+265 points), O&GMCs (+74 points), Fertilizer (+65 points), Power (+55 points), Pharma (+24 points), Cement (-96 points) and Banks (-58 points).

Read More: Engro Corporation Q1 2020 Results

Volumes declined from 239.8 million shares to 204.3 million shares (-15 percent DoD). Average traded value also declined by 8 percent to reach SU$ 58.8 million as against US$ 64.2 million.

Stocks that contributed significantly to the volumes include MLCF, HASCOL, FCCL, DGKC and UNITY, which formed 39% of total volumes. Stocks that contributed positively to the index include OGDC (+92 points), PPL (+84 points), POL (+51 points), ENGRO (+45 points) and MARI (+38 points). Stocks that contributed negatively include LUCK (-32 points), MCB (-29 points), DGKC (-23 points), CHCC (-15 points), and KOHC (-14 points).

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