Zubair Yaqoob
Karachi
·Market showed early signs of resistance Wednesday, where the index increased by 627pts during the session, but selling pressure brought the net gain to +295pts in the end. Buying activity was evident across the board, on the back of reduction in NSS rates. That gave confidence to investors for further accumulation, despite index already registering a significant surge. Overall trading volumes registered close to 300M mark, an inch below yesterday’s levels. Cement sector led the volumes with 45.1M shares, followed by Chemical (29.5M) and Technology (28M). Among scrips, WTL again led the volumes with 15.8M shares, followed by FCCL (15.7M) and KEL (14.7M). The Index closed at 35,653pts as against 35,358pts showing an increase of +295pts (+0.8% DoD). Sectors contributing to the performance include Cement (+53pts), Inv Banks (+45pts), Fertilizer (+25pts), Food (+24pts) and Tobacco (+23pts). Volumes declined from 297.6mn as against 308.5mn (-4% DoD). Average traded value, on the contrary, increased by 21% to reach US$ 67.6mn as against 55.8mn. Stocks that contributed significantly to the volumes include WTL, FCCL, KEL, UNITY and PAEL, which formed 25% of total volumes. Stocks that contributed positively include DAWH (+42pts), PAKT (+31pts), PPL (+22pts), LUCK (+20pts) and EFERT (+16pts). Stocks that contributed negatively include OGDC (-14pts), POL (-10pts), PMPK (-7pts), FFC (-7pts), and COLG (-6pts).
