Zubair Yaqoob
Karachi
Market took a bearish tone Wednesday with the ongoing political uncertainty that caused investors to book profits. E&P stocks, particularly, bore significant selling pressure and traded in the red zone. During the session, index oscillated between +152pts and -379pts and closed the session -165pts. Oil & Gas chain had the most impact on index. The Index closed at 41,604pts as against 41,769pts showing a decline of 165pts (-0.4% DoD). Sectors contributing to the performance include E&P (-136pts), O&GMCs (-31pts), Tobacco (-18pts), Inv Banks (+51pts), Power (+29pts) and Banks (+25pts). Volumes declined from 412.4mn shares to 276.2mn shares (-33% DoD). Average traded value also declined by 31% to reach US$ 78.5mn as against US$ 113.6mn. Stocks that contributed significantly to the volumes include BOP, UNITY, FFL, KEL, HASCOLR1, which formed 24% of total volumes. Stocks that contributed positively include DAWH (+55pts), HUBC (+42pts), MEBL (+15pts), SHFA (+9pts) and UBL (+9pts). Stocks that contributed negatively include OGDC (-66pts), PPL (-55pts), NESTLE (-17pts), BAHL (-15pts), and LUCK (-15pts).
