News dalla rete ITA

8 Aprile 2020

Pakistan

MARKET TAKES U-TURN AS ADB REDUCES GROWTH ESTIMATES

After witnessing a recording positivity in past 4 trading day seeing an increase of 12.5 per cent market took a breather. An across the board selling was seen as 82 per cent of scrips traded in red zone. Investor morale was shattered due to rapidly increasing coronavirus cases and unstoppable death toll in Pakistan. Reduction in growth estimates by ADB was another reason for overall market slump.The benchmark KSE-100 index closed lower by 1,042.64 point to close at 30,579.15 points. KSE All Share Index decreased by 493.37 to end at 22,022.22, KSE 30-Index declined by 488.74 points to conclude at 13,526.01 whereas KMI 30-Index dipped by 1,700.37 points to finish the day at 48,022.16 levels.Nabeel Haroon at Topline Securities said market finally broke its bull run as profit taking was observed in the market where index declined by 3.3% to close at 30,579 level. This profit taking in market can be attributed to drastic increase in number of COVID-19 cases in the country and decline in growth projection by international financing agencies (namely WB and ADB). Across the board profit taking was observed where investors factored in possible delays in revival in economic activity. Despite announcement of package for construction sector, cement sector largely remained under pressure on account of dispatch number for month of March 2020 where it clocked in at 6.8% YoY lower, raising investors` concern on the demand side. Trading volume and value for the day stood at 233mn shares and Rs.8.7bn respectively. MLCF was today`s volume leader with 23mn shares.The advance to decline ratio in the broader market remained in favor of bears. Out of 339 scrips, 47 scrips advanced, 278declined while the value of 14 scrips remained intact.The ready market volume decreased by 7.36 per cent to 233.329 million shares as compared to 251.875 million shares traded on last trading day.Maple Leaf Cement Factory topped the list of actives, closed lower by Rs 1.76 at Rs 22.25 on 23.04 million shares followed by Hascol Petroleum Limited increased by Rs 0.07 at Rs 13.85 on 20.17 million shares and K-Electric Limited dipped by Rs 0.23 at Rs 2.76 on 17.01 million shares.Other actives were Unity Foods Limited which descended by Rs 0.93 at Rs 9.58 on 11.41 million shares and Pioneer Cement Limited declined by Rs 0.66 at Rs 31.94 on 10.84 million shares.According to Aba Ali Habib Securities Research Desk local bourse started the week on negative note as the benchmark KSE-100 index plunged more than 1,000 points in intraday. Market failed to react to the PM's relief package for construction sector as investors sentiments were overridden by concerns on prevailing uncertainty of oil deal since OPEC+ delayed the Monday meeting. Furthermore, WB's downward revision of Pakistan's projected GDP growth rate to 1.1% dampened market participant interest. We believe, exponential rise in novel virus cases inducing economic slowdown continue to haunt investors as confirmed cases crossed 3000 tally with 50 deaths reported so far. The benchmark KSE-100 index settled the day with loss of 1,042.64 points to close at 30,579.15 level. During the session, the index found its support and resistance at 30,503.27 ppts and 31,915.41 ppts, respectively. Sector wise, heavy index cement sector remained in limelight throughout the trading session primarily due to 16.8% YoY decline in total dispatches owing to economic slowdown. The cement giant LUCK closed PKR 19.27 lower than LDCP, followed by KOHC/BWCL/CHCC/DGKC at PKR 4.31/4.35/1.88/3.13 lower than LDCP respectively. OMC is the 2nd most traded sector which fetched volume of 25.50mn shares followed by Power Generation & Distribution (21.77mn shares).The overall market capitalization dipped by Rs 132.507 billion to Rs 5.8839 trillion against Rs 6.0164 trillion observed on last trading day.Pakistan Tobacco Company Limited and Sapphire Fiber Limited remained the top gainer by Rs 79.00 and Rs 38.69 to close at Rs 1,677.00 and Rs 554.69 respectively, while Colgate Palmolive Limited and Sapphire Textile Mills Limited were among the major losers which lost Rs 98.99 and Rs 63.30 to close at Rs 1,901.00 and Rs 782.00 respectively. (ICE DUBAI)


Fonte notizia: The Financial Daily International