Finance

stock remains decline by 750pts

Karachi, July 15, 2019: Pakistan Stock Exchange saw a significant decline of ~750 points during the session that is caused by uncertainty on monetary policy. As per revised schedule, SBP is set to announce monetary policy tomorrow, where consensus estimate is for a hike of 100bps.

An interest rate hike in line with expectation will increase the policy rate to 13.25 percent. The slowdown in the economy amid recent protest of traders has caused negative sentiment amongst investors. Major volumes were observed in Cement Sector to the tune of 11.5 million shares, followed by Banks (7.5 million) and Technology (7.2 million) Sectors. MLCF topped the chart with 5.5 million, followed by TRG (5.3 million) and KEL (3.2 million).

The Index closed at 32,958 points as against 33,672 points showing a decline of 714 points (-2 percent DoD). Sectors contributing to the performance include Fertilizer (-135 points), E&P (-115 points), Banks (-83 points), Power (-72 points), O&GMCs (-67 points).

Read More: Weekly inflation up 1.35 pc

Volumes increased from 55.5 million shares to 69 million shares (+24 percent DoD). Average traded value increased by merely 3 percent to reach US$ 14.7 million as against US$ 14.3 million.  

Stocks that contributed significantly to the volumes include MLCF, TRG, KEL, BOP and UNITY, which formed 31 percent of total volumes.

Stocks that contributed positively include FABL (+5 points), ATLH (+4 points), HBL (+1 points), FHAM (+0 points) and AKBL (+0 points). Stocks that contributed negatively include PPL (-56 points), HUBC (-49 points), ENGRO (-47 points), FFC (-45 points) and OGDC (-30 points)

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