Zubair Yaqoob
Karachi
Market take a major plunge Thursday upon release of detailed judgment of Pervez Musharraf that caused panic among investors and raised concern about the ongoing spat between the State Institutions. Besides, start of roll-over week is also close which along with situation at border cautioned investors to better book profits than hold positions.
The index dropped 1189pts during the session, besides an increase of 193pts, earlier in the session. Buying activity was observed in MoC that helped recovery of ~250pts, closing the index at -948pts. O&GMCs garnered most volume with 30.9M shares followed by Vanaspati (26.4M) and Cement (25.9M).
Among scrips, UNITY realized trading volume of 26.4M shares, followed by HASCOLR1 (13.2M) and FFL (12.6M).
The Index closed at 40,655pts as against 41,604pts showing a decline of 948pts (-2.3% DoD).
Sectors contributing to the performance include Banks (-212pts), E&P (-172pts), Fertilizer (-94pts), Power (-68pts) and Cement (-63pts). Volumes declined from 276.3mn shares to 260.1mn shares (-6% DOD).
Average traded value also declined by 7% to reach US$ 73.2mn as against US$ 78.5mn. Stocks that contributed significantly to the volumes include UNITY, HASCOLR1, FFL, EPCL and TRG, which formed 28% of total volumes.
Stocks that contributed positively include SHFA (+10pts), MTL (+2pts), SPWL (+0pts), DCR (+0pts). Stocks that contributed negatively include HBL (-71pts), OGDC (-60pts), PPL (-57pts), HUBC (-54pts), and DAWH (-52pts).
