Finance

Stock market expected to remain bearish as coronavirus situation prevails across globe

Karachi, March 30, 2020: A volatile session was witnessed at the local bourse where the market made an intraday low of -642 points. However, recovery was witnessed in the second half following which market closed at 28,023 level (down 86 points). 

On the news front, the IMF chief Kristalina Georgieva said that the coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations.

Cement sector continued their upward gains where DGKC (6.8 percent), MLCF (7.4 percent), LUCK (6.8 percent), FCCL (7.7 percent), PIOC (7.5 percent) and CHCC (7.5 percent) closed near to their respective upper circuits.

The pressure was witnessed in the banking and E&P sector where major losers were UBL (-1.9 percent), MCB (-1.1 percent), NBP (-3.7 percent), BOP (-3.8 percent), PPL (-6.7 percent) and OGDC (-4.2 percent) which dragged the index downwards.

Furthermore, volumes decreased by 6 percent DoD to 159 million shares, compared to 169 million shares in the previous trading session. KEL (-2.2 percent), MLCF (7.4 percent) and HASCOL (-2.5 percent) were the volume leaders for the day contributing to ~52 million shares.

Going forward, the market expected to remain bearish as the coronavirus situation prevails across the globe and recommend investors to remain cautious ahead and wait for further dip.

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