KSE-100 loses 785 points

408

Zubair Yaqoob

Karachi

Market took heavy bantering today on the basis of latest decision of FATF to keep Pakistan in grey list. Although, the market participants had same expectation, by and large, what took them by surprise was the intimation and warning tone by the FATF, in case this last extended deadline till February 2020 fails to meet objective.
Besides, beginning of rollover week has its own effect, which resulted in index losing ~800pts during the session and closing at -785pts. Selling was observed across the board, with 273 scrips showing decline among actively traded stocks on Allshare index, 38 in Advance and 15 unchanged. Banking sector led the volumes table with 19.3M shares followed by Cement (18.1M) and Chemical (15.1M).
Among scrips, KEL registered highest volumes with 11.2M shares, followed by LOTCHEM (9.8M) and BOP (7.9M). The Index closed at 33,085pts as against 33,870pts showing a decline of 785pts (-2.3% DoD). Sectors contributing to the performance include Banks (-227pts), E&P (-107pts), Cement (-91pts), Power (-75pts), O&GMCs (-66pts).
Volumes increased from 115.2mn shares to 130.1mn shares (+13% DoD). Average traded value increased slightly from US$ 31.4 mn to US$ 31.7mn (+1% DoD). Stocks that contributed significantly to the volumes include KEL, LOTCHEM, BOP, FCCL and UNITY, which formed 33% of total volumes. Stocks that contributed positively include NESTLE (+12pts), ATLH (+4pts), JICL (+4pts), SHFA (+3pts) and KTML (+2pts). Stocks that contributed negatively include HBL (-50pts), MCB (-49pts), LUCK (-47pts), HUBC (-46pts), and PPL (-42pts)