Daily Times

Stocks witnessed a volatile session on Wednesday, as kse-100 index fell flat to clock at 42,022.25 index level.

On Wednesday, bulls and bears locked horns as index oscillated between negative and positive territory since investors continue to book profit. Pakistan Stock Exchange benchmark index started the day on a negative note, shedding over 350 points in early trade, however the market managed to recover all losses. The selling pressure was mainly witnessed in exploration & production, oil & gas marketing and cement sectors.

The kse-100 index witnessed volatility throughout the session, as index recorded its intraday low at 41,610.73 after losing 374.46 points, however, the index reversed its trajectory and touched its intraday high at 42,196.17 after it gained 210.98 points.

During the trading session, the index volumes depleted from to 514.88 million shares in the previous session to 399.12 million shares, while the overall market volumes also receded from 884.37 million shares in the previous session to 707 million shares.

The volume chart was led Hascol Petroleum Limited, Pakistan Telecom Company Limited and Pakistan International Bulk Terminal Limited. The scrips exchanged 75.62 million, 63.04 million and 57.24 million shares, respectively.

Sectors which lifted the index close to the session closing were Commercial Banks with 48 points, Technology & Communication with 40 points, Insurance with 26 points, Food & Personal Care Products with 25 points and Refinery with 15 points. Among the scrips, most points added to the index was by Habib Bank Limited which contributed 37 points followed by TRG Pakistan Limited with 24 points, National Foods Limited with 21 points, Lucky Cement Limited with 16 points and Jubilee Life Insurance Company Limited with 14 points.

Sectors which dented the index were Oil & Gas Exploration Companies with 68 points, Oil & Gas Marketing Companies with 26 points, Power Generation & Distribution with 24 points, Chemical with 9 points and Investment Banks with 3 points. Among the scrips, most points taken off the index was by Oil & Gas Development Company Limited which stripped the index of 37 points followed by Pakistan Petroleum Limited with 20 points, Hub Power Company Limited with 16 points, United Bank Limited with 16 points and Mari Petroleum Company Limited with 12 points.

Global markets: Covid-19 Concerns weigh heavy

Markets across the globe witnessed slight comeback on Wednesday, as investors continue to struggle for a direction. Sentiments for equities and other risky assets also took a fresh hit after AstraZeneca Plc paused a late-stage trial of one of the leading coronavirus vaccine candidates due to an unexplained illness in a study participant. Investors’ are fearing another round of markets uncertainty as sell-off in high-flying US technology shares has increased the risk of a larger correction across other markets.

In Asia, stocks dampened across the board, as investors treaded cautiously over rising U.S-China diplomatic tensions and uncertainty over Covid-19 vaccine. Chinese stocks led the regional loses, and dropped on the day, with the Shanghai composite slipping 1.86% to about 3,254.63, followed by Japan’s Nikkei 225 which declined 1.04% to finish its trading day at 23,032.54. South Korea’s Kospi index also followed the trend and slipped 1.09% to close at 2,375.81, while Hong Kong’s Hang Seng index shed 0.63% to close at 24,468.93.

In Europe, stocks recovered as Investors shrugged off the technology-led rout in the U.S. that is putting pressure on financial markets around the world. The pan-European Stoxx 600 jumped 0.8% by mid-morning, with travel and leisure stocks dropping 1.9% as coronavirus containment measures return, while telecoms jumped 2.1% to lead gains. Among other markets, Germany’s DAX gained 2.19%, while UK’s FTSE-100 and CAC-40 in France also edged higher.

In U.S, stocks halted their losing trajectory on Wednesday as tech shares clawed back some of the steep losses that pushed the Nasdaq Composite into correction territory. During the early trading hours, Dow Jones Industrial Average was advanced 500 points higher, while the S&P 500 jumped 2.1%. The tech heavy Nasdaq Composite also advanced 2.7%.

Among major tech stocks, Tesla, which posted their single worst day ever on Tuesday dropping 21%, rose 6.7% , while Apple, which lost more than 6% in the previous session, was up by 5%. Inter alia, Microsoft, Netflix, Amazon, Alphabet and Facebook, which lost $1 trillion in market value the last three days, were also on their way to recovery.