Zubair Yaqoob
Karachi
After managing a bull run that added ~10,000 points from its low, the market finally took corrective stance with index plunging 587pts and closing the session at that note (unadjusted). Selling pressure was evident in Cement, E&P, O&GMCs and Banking sector stocks. Although dust is seemingly settling on political front, investors took cue from T-bill auction that saw yields increasing further and considered it best to book profit prior to announcement of monetary policy on Friday November 22nd, 2019. Street consensus is for status quo. Index is so far maintaining healthy volumes registering 327M shares as compared with 385M in the previous session. Majority of the volumes were traded in Technology with 50.4M shares, followed by Engineering (38M) and Banks (33M). Among scrips, WTL led the volumes with 28.3M shares, followed by BOP (17.1M) and PAEL (15.1M). The Index closed at 38,038pts as against 38,564pts showing a decline of 527pts (-1.4% DoD). Sectors contributing to the performance include Banks (-203pts), E&P (-113pts), Cement (-49pts), Fertilizer (-30pts) and Chemical (-24pts). Volumes declined further from 385.3mn shares to 327.4mn shares ((-15% DoD). Average traded value also declined by 19% to reach US$ 73.4mn as against US$ 90.5mn. Stocks that contributed significantly to the volumes include WTL, BOP, PAEL, KEL and ISL, which formed 25% of total volumes. Stocks that contributed positively include FFC (+24pts), NATF (+10pts), THALL (+7pts), ISL (+7pts) and AGP (+5pts).
