KARACHI: For three successive days the Benchmark KSE-100 Index closed in the red due to augmenting political noise in the country.
OGDC directed the performance of the bourse that opened positive as the index rose to intra day 48 points before plummeting.
But the Karachi Stock Exchange started breathing encore when Privatization Commission clarified that appointment of financial advisers for the divestment of up to 7pc shares in OGDC was in process and that there was no consideration to offer its shares.
It is pertinent to mention here that investors opted for cement stock hoping recovery in prices as a result Lucky Cement closed at its upper lock. Sectors-wise those who performed positively included cement, fertilizers and banks. Companies that contributed towards plummeting the Index included OGDC, Pakistan Tobacco, Dawood Hercules, PSO, Pakistan Oilfields, Lucky Cement, Fauji Fertilizer, Engro Corporation. 178 m shares worth 60 million US dollars changed hands.
A relevant piece published earlier:
PSX: Bears seen growling all over the bourse!
21st of January, 2020
KARACHI: News about the three-day (21st till 23rd of January, 2020) FATF meeting in Beijing has created insecurity amongst investors, encouraging bears enter the bourse on the first trading day of the week.
KSE-100 index closed at 42,747.62 shedding 420.14 points. Institutions, opted to take profit on signs of early called Financial Action Task Force (FATF) working group session in Beijing.
Increase in gas prices by Economic Coordination Committee (ECC) kept investors cautious. Its decision to reduce Gas Infrastructure Development Cess with the aim of cutting down urea price per bag received mixed response from the fertilizer stocks where Engro Corp and Fertilizer closed lower, while Fauji Fertilizer and Bin Qasim showed positive price performance.
The volume at the Pakistan Stock Exchange was led by Engro Fertilizers, TRG Pakistan, Bank of Punjab, Wordlcall Telecom and Summit Bank, which formed 33pc of the aggregate. Sectors contributing to the negative performance included banks, fertilizers, cement and investment banks.
Those who dragged the index below included Engro Corporation, decreasing by Engro Fertilizers, United Bank Limited, Habib Bank Limited, Dawood Hercules, Pakistan Petroleum Limited and Lucky Cement Limited.
Newspakistan.tv
