KSE-100 slips 66 points as 13-day winning streak ends

Index succumbs to profit booking after gaining over 100 points in early trade

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KARACHI: The Pakistan Stock Exchange (PSX) broke its 13-session long winning streak on Wednesday, with the KSE-100 Index failing to capitalize on early gains amid profit booking. 

According to analysts, indices moved within a narrow range while volumes contracted from the last session following the news reports of extension in the lockdown period in various parts of the country. 

Global equities markets, on the other hand, display a positive trend, mainly on the back of a rise in crude oil prices; WTI crude oil price surged 1.37pc to $40.84 while Brent Crude price appreciated by 1.14pc to $43.39.

MARKET SUMMARY

The benchmark KSE-100 Index remained volatile throughout the day, touching its intraday high at 36,891.98 (+146.76 points) and intraday low at 36,638.07 (-107.15 points). It settled lower by 66.19 points at 36,679.03. 

Among other indices, the KMI-30 Index lost 143.24 points to end at 59,062.80, whereas the KSE All Share Index gained 31.88 points, closing at 26,189.08. Of the total scrips, 134 advanced and 188 declined.

The overall market volumes declined from 466.24 million shares in the previous session to 328.15 million shares (-30pc). Average traded value also declined by 23pc, from $109.5 million to $84.9 million. Maple Leaf Cement Factory Limited (MLCF +2.68pc), Pak Elektron Limited (PAEL +0.07pc) and Unity Foods Limited (UNITY -2.33pc) led the volume chart, exchange 33.10 million, 27.11 million and 21.79 million shares, respectively.

Sectors that dragged the KSE-100 Index south included oil & gas marketing (-31.86 points), investment banking (-25.05 points) and fertilizer (-24.65 points). Among the companies, Dawood Hercules Corporation Limited (DAWH -21.46 points), Sui Northern Gas Pipeline Ltd (SNGP -20.96 points) and Millat Tractors Ltd (MTL -16.18 points) dented the index the most.

Shedding 1.51pc from its total market capitalization, the oil & gas marketing sector turned out to be the biggest loser of the day, with Sui Southern Gas Company Limited (SSGC -4.02pc), Hascol Petroleum Limited (HASCOL -0.35pc) and Pakistan State Oil Company Limited (PSO -0.52pc) ending in the red.

 

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