Zubair Yaqoob
Karachi
Political uncertainty took controls over sentiment on Wednesday. Allies of PTI are one by one showing disapproval of their policies and hinting a crisis in the making that caused investors to be safe than sorry. Investors kept booking profit at current levels which exerted pressure on oil & gas chain (i.e. OMCs, E&P and Refineries). Banking sector also remained slow, whereas Cement sector had some buying interest that caused prices to be on the higher side. Overall, Cement sector led the volumes with 34.4M shares, followed by Banks (32.9M) and Technology (16.2M). Among scrips, BOP led the volumes with 19.6M shares, followed by MLCF (18.2M) and TRG (9.2M). The Index closed at 42,993pts as against 43,207pts showing a decline of 214pts (-0.5% DD). Sectors contributing to the performance include E&P (-553pts), Power (-40pts), Fertilizer (-25pts), other (-23pts), Banks (-21pts). Volumes declined further from 249.7mn shares to 171.3mn shares (-32% DoD). Average traded value also declined by 22% to reach US$ 39.6mn as against US$ 50.4mn. Stocks that contributed significantly to the volumes include BOP, MLCF, TRG, STPL and UNITY, which formed 37% of total volumes. Stocks that contributed positively include MCB (+18pts), PAKT (+7pts), DGKC (+7pts), AICL (+7pts) and FML (+6pts). Stocks that contributed negatively include HUBC (-35pts), PPL (-27pts), PSEL (-23pts), DAWH (-14pts), and POL (-12pts).
