Stock Watch - Turbulence at stocks on US-Iran tension as index momentum up 2.1% wow.

Summary

The sentiments of the investors kept on changing as the news of the US-Iran conflict heightened to a war like situation which led Index dip deep to 1027 level on Monday. While KSE-100 Index regained 1,165 points on Thursday as President Trump in his speech signals desire for peace with Iran. In the domestic politics the passage of the three Pakistan Services (Amendment) Bills concerning the tenure of services of Chief of Army, Air Force and Navy without any resistance from two major political parties in the opposition added positivity in stock exchange working. The KSE-100 Index crossed the 43,000 points level from the first time from 42,447 points where it stood in August 18, 2018.

During the week stocks Index gained 884 points to close on Friday at 43,207.05. The average volume increased to303 million shares and the market capitalization gained Rs. 87 billion to stand Rs.8,103 trillion. The foreigner remains net buyer with $7.02m.

On Monday, there was blood bath at PSX; Index declined 1,027 points to close at 41,296.24. The fears of escalation of hostilities between the US and Iran led the market to decline.

On Tuesday stocks recovered 608 points on value- hunting as fears of an imminent Iranian retaliation to avenge the US killing of military commander Qasem Soleimani three days ago subsided. The Index closed at 41,904.47.

On Wednesday on the news of Iran responding to US killing of its military commander fired ballistic missiles at two American military facilities in Iraq. The KSE-100 Index shed 546.90 points to close at 41,357.57.

Donald Trump reconciliatory speech reduce the tension on Thursday as stock rallied 1,165 points to close at 42,523.07.

Bulls continued to hold away at the stocks market on Friday as they tossed the KSE-100 Index up by 68.98 points crossing 17 month high to close at 42,207.05.

Participants/Activity

On average shares of 365 companies were traded. Of these 177 were gainers and 174 were losers and 14 remained unchanged.

Foreigners were net buyer$7.02m during the week; companies were buyer by $2.2m, Banks were seller $0.91m; Mutual fund net buyer $5.84m and individuals net buyers $6.22m.

Volume leaders during the week were: Bank of Punjab 160m; K-Electric Ltd 151m; Unity Foods 73m; TRG Pak Ltd 63m; Siddiquesons Tin 36m; World Call Telecom 20m; Hascol Petrol 19m; Fauji Cement 14 m; Maple Leaf 11m and Fauji Foods 8m.

Triggers

* Exports fall 3.96 percent in on year-on-year in...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT