Zubair Yaqoob
Karachi
Market traded in a narrow band of -146pts and +155pts, testing 34K level again but closed below this level -64pts. Cement and Steel sectors that have been in the limelight lately braced selling pressure. Though earlier in the session, cement sector blue chips hit upper circuit but later profit booking brought stock prices down. Other than steel and cement, E&P and O&GMCs also faced selling activity mainly due to expectation of poor results of O&GMCs and otherwise lower international crude oil prices.
Technology sector led the volumes with 43.6M shares, followed by Cement (36.1M) and Banks (31.5M). Among scrips, WTL registered trading volume of 37.5M shares, followed by BOP (22.5M) and PIBTL (10.6M). The Index closed at 33,798pts as against 33,862pts showing a decline of 64pts (-0.2% DoD). Sectors contributing to the performance include Banks (-24pts), Fertilizer (-16pts), O&GMCs (-13pts), Insurance (-12pts) and Chemical (-11pts). Volumes increased significantly from 135.6mn shares to 224.8mn shares (+66% DoD. Average traded value also increased by 32% DoD to reach US$ 34.8mn as against US$ 26.3mn. Stocks that contributed significantly to the volumes include WTL, BOP, PIBTL, FCCL and MLCF, which formed 39% of total volumes. Stocks that contributed positively include PSEL (+23pts), BOP (+12pts), SEARL (+10pts), FFBL (+7pts) and GLAXO (+6pts). Stocks that contributed negatively include OGDC (-13pts), ENGRO (-13pts), LUCK (-13pts), COLG (-11pts), and BAHL (-11pts).
