Zubair Yaqoob
Karachi
Market rebounded on Tuesday erasing most of the losses sustained on Monday. Market opened on a positive note Tuesday with +145pts, however, dipped again and lost 145pts (intra-day). Oil & gas stocks kept the selling pressure on, due to low oil prices that maintained a plateau of ~U$34/bbl. Interestingly, both OGDC and PPL, which were offered in huge quantities at lower lock yesterday got disposed off at and around today’s lower circuit breakers. PSO turned out to be the head turner today with a positive opening, and closing the session at upper circuit. Cyclicals, Cement and Steel sector stocks were on back burner in relative terms, although leading stocks managed to post decent volumes. Cement sector posted volumes of 86.2M shares, followed by O&GMCs (43.5M) and Banks (28.8M). Among scrips, MLCF realized 27.9M shares, followed by PPL (23.6M) and FCCL (16.1M).
