Zubair Yaqoob
Karachi
Market moved both ways during the day with +162pts and -401pts, ending the session at -279pts. Month end closing met anticipated flows from institutions that created selling pressure on the bourse. O&GMCs, E&P, Power and Cement sectors remained under pressure, and even though MLCF managed to hit upper circuit, it couldn’t hold ground for much long and stock price dropped significantly, though remained positive. Technology sector led the volumes with 49.2M shares, followed by Cement (35.7M) and O&GMCs (35.5M). Among scrips, WTL led the volumes with 31.8M, followed by UNITY (22.6M) and HASCOLR (22.4M). The Index closed at 40,849pts as against 41,128pts showing a decline of 279pts (-0.7% DoD). Sectors contributing to the performance include Power (+35pts), Fertilizer (+29pts), Banks (-89pts), E&P (-63pts), Inv Banks (-28pts), Cement (-27pts) and Insurance (-26pts). Volumes increased from 236.8mn shares to 267.6mn shares (+12% DoD). Average traded value also increased by 19% to reach US$ 61.2mn as against US$ 51.3mn. Stocks that contributed significantly to the volumes include WTL, UNITY, HASCOLR1, MLCF and FFL, which formed 39% of total volumes. Stocks that contributed positively include ENGRO (+67pts), HUBC (+46pts), UBL (+6pts), HGFA (+5pts) and PMPK (+5pts). Stocks that contributed negatively include OGDC (-33pts), FFC (-25pts), DAWH (-24pts), HBL (-23pts), and MCB (-22pts).
