PSX witnesses bearish trend, closes at 40,735 points

Highest quarterly return since 3Q CY09, KSE-100 index up by 27 per cent

ISLAMABAD: The KSE-100 index during 4Q 2019 recorded growth of 8,656 points, up by 27 per cent; which is the highest quarterly gain achieved by the index since 3Q CY09 to close at the level of 40,735 points.

Pakistan Stock Exchange (PSX) on Tuesday noted bearish trend as KSE 100 index closed at 40,735.08 points as compared to 40,887.63 points on the last working day of the year with the positive change of 152.55 points (0.37 per cent).

A total of 177,121,380 shares were traded compared to the trade 165,834,760 shares during the previous day, whereas the value of shares traded during the day stood at Rs7.078 billion as compared to Rs6.636 billion during last trading day.

A total of 339 companies’ transacted shares in the stock market on Tuesday, out of which 156 recorded gains and 165 sustained losses whereas the share price of 18 companies remained unchanged.

The three top traded companies were, Unity Foods Ltd with a volume of 21,496,000 shares and price per share of Rs16.11, K-Electric Ltd with a volume of 13,799,000 shares and price per share of Rs4.37 and Fauji Foods Ltd with a volume of 10,176,500 and price per share of Rs14.47.

Indus Dyeing recorded the maximum increase of Rs22 per share, closing at Rs559.99 while Allawasaya Tex was runner up with the increase of Rs16.25 per share, closing at Rs341.25.

Rafhan Maize recorded a maximum decrease of Rs59.90 per share, closing at Rs7251.10 whereas Nestle Pakistan decreases Rs50 per share closing at Rs 8050.

The recovery in equities was mainly led by improved macroeconomic factors which included declining bond yields leading investors towards equities, stable PKR/USD exchange rate, positive first quarterly review by the International Monetary Fund (IMF), foreign investment in local debt securities, anticipation of policy rate cut in 1H 2020 and current account surplus of $70 million recorded in month of October.

Political uncertainty always remained a key concern during the quarter. The departure of former prime minister Nawaz Sharif to London, a conditional extension to COAS for 6 months by the supreme court and the decision of death penalty for the former president and army chief General Pervaiz Musharraf by a special court were the main highlights.

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