Zubair Yaqoob
Karachi
Start of the rollover week saw Market taking negative direction and an overall decline of ~400pts during the session. Although international crude prices were at similar levels as observed at the end of last week, local oil & gas chain showed receding stock prices from E&P to OMCs. Resultantly, OGDC, PPL, ATRL, NRL, PSO showed significant declines.
Besides, Cement and Banking sector stocks also saw selling pressure. MLCF issued financial projections pertinent with 85% Rights issue that showed near term losses and caused the stock price to hit lower circuit. Cement sector led the volumes with 15.7M shares, followed by Technology (9.5M) and O&GMCs (8M). Scrip wise activity shows MLCF at the top with 6.4M shares, followed by PSO (5.2M) and FCCL (4.3M). The Index closed at 31,751pts as against 32,111pts showing a decline of 360pts (-1.1% DoD). Sectors contributing to the performance include Banks (-101pts), E&P (-94pts), Cement (-46pts), O&GMCs (-26pts) and Pharma (-21pts).
