Zubair Yaqoob
Karachi
Market made a positive move on Wednesday with a total increase of 351pts and closed the session at +188pts (unadjusted). During the session, UBL announced financial results, however the stock price did not react positively to the results, ending the session a rupee down compared with previous closing. Oil & Gas scrips from E&P to OMCs generally fared well, with PPL registering volume of 2.3M shares. Cement sector saw selling pressure and so did Steel, but managed to close the session in green. Technology stocks remained in limelight with traded volumes of 22.9M shares, followed by Chemical (17.4M) and Power (14.1M). Among scrips, KEL registered 11.8M shares followed by WTL (11.8M) and UNITY (9.9M). The Index closed at 34,281pts as against 34,084pts showing an increase of +198pts (+0.6% DoD).
Sectors contributing to the performance include Banks (+49pts), E&P (+46pts), Fertilizer (+36pts), O&GMCs (+30pts) and Food (+19pts). Volumes declined slightly from 156.4mn shares to 150.8mn shares (-4% DoD). Average traded value also declined by 8% to reach US$ 31.3mn as against US$ 34mn Stocks that contributed significantly to the volumes include KEL, WTL, UNITY, LOTCHEM and FCCL, which formed 31% of total volumes.
