KSE-100 sheds 315 points

2215

Zubair Yaqoob
Karachi

Market opened +10pts and went up by 49pts during the session, the index bore heavy selling pressure with a slide of 365pts by end of session. E&P, Fertilizer, Autos, Cement and Banking sectors bled throughout the day. Financial results of HBL and SNGP were announced during the session, whereby SNGP received heavy bantering in the last half hour and HBL also saw selling pressure upon announcement of lower than anticipated results. Investor sentiment remained at low ebb anticipating poor results from listed entities. Another important indicator for market would be PIB auction, where an inverted yield curve is anticipated to lure investors back to equities in the medium term. The Index closed at 32,401pts as against 32,716pts showing a decline of 315pts (-1% DoD). Sectors contributing to the performance include E&P (-70pts), Fertilizer (-63pts), Banks (-52pts), Power (-49pts) and O&GMCs (-21pts). Volumes declined from 97mn shares to 84.2mn shares (-13% DoD). Average traded value declined by 4% to reach US$ 21mn as against US$ 21.8mn. Stocks that contributed significantly to the volumes include UNITY, MLCF, DGKC, PAEL and TRG, which formed 37% of total volumes. Stocks that contributed positively include MCB (+17pts), INDU (+8pts), DGKC (+7pts), IGIHL (+4pts) and AGP (+4pts). Stocks that contributed negatively include ENGRO (-41pts), HUBC (-35pts), HBL (-33pts), PPL (-28pts) and FFC (-18pts).

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