Benchmark Index managed to closed above 34,000 mark

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The equity market was under pressure as the Index shed 458 points on intraday basis. However, Pakistan escaped a potential downgrade from the MSCI Emerging Market Index at the 2019 Annual market classification review.

The MSCI news failed to excite the investors and the Index continued to stay in the bearish territory. The Index finally closed at 34,088 level with the volume of 159.6 million shares. The trading volume improved by 10.2% DoD basis.

Furthermore, the ECC meeting was held today and the cabinet has approved the hike in gas prices for consumer up to 200%. The Pakistan Rupee (PKR) hit another all time low of 162/163 against USD in the inter bank market.

  • High: 34,290 (99 Points Up)
  • Low: 33,731 (458 Points Down)
  • Change: -102 Points
  • Vol: 159.6 Mn
  • Val: 4.88 Bn (PKR)

Sectors Review: 

Selling pressure was seen in the Banking, OMC, Pharmaceuticals and Auto sectors. They cumulatively eroded 126 points from the Index.

While the Tobacco, Power and Food sectors were slightly positive.

On the corporate results side, Mubarak Textile Mills (MUBT) announced Loss of Rs. 0.33 for the Nine Months Period.

Volume Leaders:

Power sector led the board with the volume of 35 Million shares. KEL, BOP and HMB were the volume leaders.

Events Ahead: 

  • Annual Result of Exide Pakistan Ltd (EXIDE) on 29th June, 2019.

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