Sign of recovery turned out to be a short lived spike. DGKC and MLCF that started the day on a positive note and saw upper circuit (DGKC) and close to upper circuit trades (MLCF), price came down sharply in the end, due to rumour of Rights issue by both companies.
Similarly, Steel sector scrips also showed positive trend in the beginning but closed in red in the end. E&P sector barely sustained yesterday’s stride and closed at almost same rate as yesterday. Besides, POL opened today Ex-Dividend and spiked due to buying activity, however, the end of session again saw it trading below opening rate.
Banks, Auto & O&GMC sectors also contributed to the slide in Index. Cement sector realized the most volume with 36.1M shares, followed by Technology (21.3M) and Chemical (15.6M). Among scrips, MLCF topped the chart with 17.2M shares followed by WTL (12.9M) and LOTCHEM (10.4M).
The Index closed at 30,215pts as against 30,244pts showing a decline of 30pts (-0.1% DoD). Sectors contributing to the performance include Power (+43pts), E&P (+29pts), Banks (+17pts), Fertilizer (-37pts), Cement (-33pts) and O&GMCs (-15pts). Volumes increased from 128.9mn shares to 146.5mn shares (+14% DoD).
Average traded value also increased from US$ 31.3mn to US$ 32.6mn (+4% DoD). Stocks that contributed significantly to the volumes include MLCF, WTL, LOTCHEM, PAEL and UNITY, which formed 37% of total volumes. Stocks that contributed positively include HUBC (+45pts), HBL (+38pts), PPL (+15pts), ABL (+13pts) and OGDC (+13pts). Stocks that contributed negatively include MCB (-36pts), ENGRO (-33pts), UBL (-26pts), NESTLE (-15pts), and LUCK (-12pts).