Zubair Yaqoob
Karachi
Market saw rebound of cement sector as the concerns over cement price / bag dissipated. Upcoming data release on inflation and possible rate cut helped investors take a positive view on equities. International crude oil prices edged lower, with WTI slipping below US$ 11/bbl that kept pressure on E&P stocks. PSO, on the other hand, posted price gains during the session. Banking sector stocks also saw selling pressure due to the view of rate cut. Cement sector maintained top position in trading volumes with 59.6M shares, followed by Vanaspati (20.5M) and Banks (16.8M). Among scrips, MLCF led the trading volumes with 36.2M shares, followed by UNITY (20.5M) and DGKC (6.6M). The Index closed at 32,553pts as against 32,315pts showing an increase of 239pts (+0.7% DoD). Sectors contributing to the performance include Cement (+92pts), Power (+45pts), Food (+45pts), Fertilizer (+31pts), O&GMCs (+21pts), Banks (-39pts).
