Zubair Yaqoob
Karachi
Market dipped Tuesday by 386pts during the session and closed the session -240pts after staging a short recovery. Cement sector continued performing well, whereas Oil & Gas chain remained under pressure due to decline in International crude oil prices. Global stock markets have roiled due to the outbreak of NCV in China that also affected commodity markets. Banking sector stocks also sustained selling pressure that kept the stock prices on the lower side. Cement sector continued leading the volumes on the bourse with 60.9M shares, followed by O&GMCs (27.6M) and Banks (12.4M). Among scrips, MLCF led the table with 29.7M shares, followed by HASCOL (25.4M) and UNITY (9.9M). The Index closed at 42,299pts as against 42,539pts showing a decline of 240pts (-0.6% DoD). Sectors contributing to the performance include Banks (-103pts), E&P (-50pts), Fertilizer (-42pts), Inv Banks (-20pts), Chemical (+23pts), Autos (+16pts). Volumes dipped by 5% to reach 189.0M shares against 198.5mn the other day. Average traded value, however, increased by 2% to reach US$ 43.4mn as against US$ 42.5mn. Stocks that contributed positively include ICI (+12pts), EPCL (+9pts), INDU (+8pts), ATLH (+5pts) and HCAR (+5pts). Stocks that contributed negatively include HBL (-34pts), MCB (-26pts), PPL (-22pts), DAWH (-19pts), and ENGRO (-18pts). Stocks that contributed significantly to the volumes include MLCF, HASCOL, UNITY, DGKC and CHCC, which formed 42% of total volumes.
