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Stock market ignores political noise to reach two-week high

TRG rides on back of growing demand, Hum sheds value

SAMAA | - Posted: Nov 30, 2020 | Last Updated: 2 months ago
SAMAA |
Posted: Nov 30, 2020 | Last Updated: 2 months ago
Stock market ignores political noise to reach two-week high

Photo: Online

The opposition’s Pakistan Democratic Movement gathered in Multan to hold a protest, but the market ignored the political noise and reached a two-week high on Monday.

Trading at the Pakistan Stock Exchange started on a dull note as the benchmark KSE-100 index, a gauge to measure the market’s performance, lost over 100 points in the first hour.

It recovered by noon and loitered between 40,800 and 40,900 points before rising to break past 41,000 briefly. However, the market rallied at end the day to 41,068 points.

Monday’s stocks with the largest trade by volume were Hum Network Limited, TRG Pakistan Limited, Pakistan Refinery Limited, K-Electric Limited and Unity Foods Limited. The reason Hum Network’s shares have been traded the most is because a great number of their shares have been sold domestically by a foreign owner, causing a decline in its value.

Head of Research at Foundation Securities Muhammad Awais Ashraf said, “This bulk transaction has seen 416.2 million shares off-loaded via off-market transaction onto investors.” This corresponded with a decline in the value of the share.

Meanwhile, TRG Pakistan, a technology company was the second most-traded stock at the bourse because, according to Awais, COVID-19’s second wave has caused a rally in tech stocks. Subsequently, there is a higher demand for call centre services provided by TRG.

TRG provides technology and outsourcing services to the rest of the world.

Allied Rental Modaraba, Hum Network Limited and Modaraba Al-Mali saw the biggest drop in their values while the shares with the largest rise in value were Unicap Modaraba, Ravi Textile Mills Limited and First Punjab Modaraba.

Haris Saeed Khan from Topline Securities attributed the market’s performance to two main factors: investors shrugged off political noise pertaining to the PDM rally, an alliance of opposition parties, which has been holding protests since later September and lower inflation expectation for November 2020.

The writer is an intern at SAMAA Digital

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