Daily Stock Report: Market Finally Crosses the 40,000 Mark

The Pakistan Stock Exchange (PSX) opened the week in almost flat after a range bound session due to lack of triggers, with the benchmark KSE-100 index gaining 39.44 points or +0.10% to close at 40049.80 points.

Investors again stood on the sidelines after being spooked by political turmoil as the volumes ticked low on Monday.

The accountability court also resumed hearing corruption references against Nawaz Sharif and his family members today, after Islamabad High Court (IHC) dismissed a petition filed by the former prime minister seeking consolidation of the National Accountability Bureau (NAB) corruption references against members of his family.

CIA Director Mike Pompeo warned Pakistan that if it does not eliminate the alleged safe havens inside its territory, the United States will do “everything we can” to destroy them. His statement had a negative impact on the market.

The index opened in the green and went up to the intraday high of 121 points and saw a loss of -79 points during the intraday.

The market opened higher and hit a day’s high of 40131.37 points during the whole day. The benchmark then spiraled downwards to hit a day’s low of 39,931.52 during the intraday.

All shares index had a traded volume of 96.65 million shares today. Overall, stocks of 335 companies were traded on the exchange, of which 169 gained in value, 146 declined and 20 remained unchanged. In KSE 100, 47.28 million shares were traded with a net worth of just Rs. 3.87 billion.

Top traded sectors:

TRG Pak Ltd was the volume leader with 16.38 million shares, losing Rs. 1.71 to close at Rs. 3781. It was followed by K-Electric Ltd with 6.03 million shares, gaining Rs. 0.12 to close at Rs. 6.34, Azgard Nine with 5.13 million shares, gaining Rs. 0.05 to close at Rs. 16.03 and Dost Steels Ltd with 4.98 million shares gaining Rs. 0.31 to close at Rs. 12.61.

Top Advancers of the market were:

Top Decliners of the market were: