Zubair Yaqoob
Karachi
Market traded in a narrow range of +105pts and -161pts, closing the session 94pts down from LDCP. International crude price was significantly down at the opening that caused selling pressure in E&P stocks. Likewise, rest of the oil & gas chain bore pressure among Refineries and OMCs. Cement sector, on the other hand, performed well with MLCF and KOHC hitting upper circuits, whereas other Cement stocks also trudged well. Cement sector led the volumes table with 66M shares, followed by Transport (35.1M) and Food (18.9M). Among scrips, MLCF topped the volumes with 25.9M shares, followed by PIBTL (25.2M) and FCCL (12.1M). The Index closed at 42,539pts as against 42,633pts showing a decline of 94pts (-0.2% DoD). Sectors contributing to the performance include EP (-93pts), Power (-37pts), Textile (-15pts), Banks (-14pts, Fertilizer (+40pts) and Cement (+19pts). Volumes registered an increase from 173.4mn shares to 198.5mn shares (+14% DoD). Average traded value declined by 3% to reach US$ 42.5mn as against US$ 43.5mn. Stocks that contributed significantly to the volumes include MLCF, PIBTL, FCCL, PIAA and DGKC, which formed 42% of total volumes. Stocks that contributed positively include ENGRO (+29pts), HBL (+15pts), FFC (+15pts), PIBTL (+9pts) and MLCF (+8pts). Stocks that contributed negatively include OGDC (-41pts), HUBC (-31pts), POL (-24pts), PPL (-22pts), and MEBL (-15pts).
