Zubair Yaqoob
Karachi
Market traded in a narrow range on Friday between +83pts and -267pts with a total volume of 103M shares. Mixed trend was witnessed in E&P scrips that brought the index in red zone. Cement and Steel sector scrips also made positive moves with ASTL and MUGHAL hitting upper circuits. Stocks that contributed to selling pressure mainly included HUBC, HBL and MLCF. Cement sector led the volumes table with 18.7M shares followed by E&P (7.1M) and Engineering (8.2M). Among scrips, MLCF ranked top with 7.5M shares followed by UNITY (7.1M) and OGDC (6.8M). The Index closed at 31,481pts as against 31,546pts showing a decline of 65pts (-0.2% DoD). Sectors contributing to the performance include Cement (+43pts), Fertilizer (+16pts), Insurance (+11pts), Banks (-116pts), Autos (-23pts), Power (-23pts). Volumes declined from 185.8mn shares to 103mn shares (-45% DoD). Average traded value also declined by 43% to reach US$ 29.9mn as against US$ 52mn. Stocks that contributed significantly to the volumes include MLCF, UNITY, OGDC, PAEL and LOTCHEM, which formed 30% of total volumes. Stocks that contributed positively include LUCK (+47pts), EFERT (+15pts), KAPCO (+15pts), PPL (+14pts) and UBL (+10pts). Stocks that contributed negatively include HBL (-69pts), HUBC (-35pts), MCB (-34pts), MARI (-17pts), and BAHL (-17pts).
