Zubair Yaqoob
Karachi
In a diametrically opposite fashion, compared with Tuesday, the index erased all the gains made earlier during the session on Wednesday when market went up by 528pts. Market on Close (MOC) saw selling pressure that brought the index in red towards -33pts but closed at +53pts. The uptrend earlier during the session was contributed by Refinery, Steel, Autos, Fertilizer and Cement sectors whereby index heavy weight scrips traded near upper circuit and blue chips in Refinery and Steel hit upper circuit. Cement sector led the volumes table again with 20.5M shares followed by Banks (15.5M) and Chemical (15.5M). Among scrips, KEL topped the volume with ~10M shares, followed by MLCF (8.4M) and UNITY (7.1M). The Index closed at 30,638pts as against 30,585pts showing an increase of 53pts (+0.2% DoD). Sectors contributing to the performance include Commercial Banks (+36pts), E&P (+36pts), Fertilizer (+31pts) and Tobacco (+18pts). Volumes increased from 119.8mn shares to 149.0mn shares (+24.4% DoD). Average traded value however, increased by 1.5% to reach US$ 34.2mn as against US$ 33.7mn. Stocks that contributed significantly to the volumes include KEL, MLCF, UNITY, LOTCHEM and TRG, which formed 25% of total volumes. Stocks that contributed positively include ENGRO (+31pts), UBL (+29pts), POL (+25pts), PAKT (+18pts) and MEBL (+17pts). Stocks that contributed negatively include DAWH (-16pts), NESTLE (-15pts), COLG (-11pts), KEL (-10pts) and HMB (-9pts)
