PSX retreats amid volatile session

Author: Equities Correspondent

Pakistan stock exchange witnessed a volatile session after gaining nearly thirteen hundred points on Monday and a short spell of Bull Run in Tuesday’s early trading. However, later, it dropped gradually to close at 39,199 level, after losing around 96 points.

The volatility was primarily led by profit taking and heavy foreign selling. Recovering last week’s losses and adding points on table, index offered profits on undervalued stocks. Meanwhile, the foreign investors continue to waive off their positions in equities amid ensuing global panic sell off, due to coronavirus. Global investors fear, the pandemic will result into global recession.

The Index traded in a range of 805.30 points or 2.05 percent of the previous close, showing an intraday high of 39,866.46 and a low of 39,061.16.Of the 95 traded companies in the KSE-100 Index, 49 closed up 43 closed down, while 3 remained unchanged. Total volume traded for the index was 175.62 million shares. Sector-wise, the index was let down by Fertilizer with 101 points, Power Generation & Distribution with 42 points, Commercial Banks with 32 points, Automobile Assembler with 16 points and Investment Banks with 13 points.

The most points taken off the index was by Fauji Fertilizer Company Limited which stripped the index of 44 points followed by ENGRO with 40 points, Hub Power Company Limited with 37 points, Lucky Cement Limited with 32 points and Engro Fertilizers Limited with 17 points.

Sectors that propped up the index were Oil & Gas Exploration Companies with 52 points, Technology & Communication with 23 points, Oil& Gas Marketing Companies with 19 points, and Chemical with 7 points.

The most points added to the index was by Pakistan Petroleum Limited which contributed 23 points followed by Oil and Gas Development Company Limited with 18 points, TRG Pakistan Ltd. with 15 points, HASCOL with 15 points and Pakistan Oilfields Limited with 14 points.

All Share Volume increased by 10.02 Million to 225.28 Million Shares. Market Cap decreased by Rs.3.43 Billion.