Market sheds 226 points


Zubair Yaqoob


The market had an exciting session, which resulted in quite some fluctuation between positive and negative throughout the day and closed the session at 226pts.
Selling pressure was mainly observed in Cement, Steel, Pharma, OMCs etc. which caused the market to plunge. Banking sector stocks, MCB, HBL, UBL saw buying activity that helped Index balance a bit, however, selling pressure eroded the gains posted by Banking sector stocks. During the session, market went up by 302pts but lost these gains and declined by 264pts.
Textile sector led the volumes with 41.4M shares, followed by Vanaspati (38.1M) and Technology (34.1M). Among scrips, UNITY topped the volumes with 38.1M shares, followed by ANL (31.2M) and FFL (23.4M).
The Index closed at 37,578pts as against 37,804pts showing a decline of 226pts (-0.6% DoD).
Sectors contributing to the performance include Banks (+21pts), Inv Banks (+12pts), Cement (-116pts), Power (-36pts), E&P (-30pts), O&GMCs (-24pts), Pharma (-22pts). Volumes declined from 405.5mn shares to 379.3mn shares (-6% DoD).
Average traded value also declined by 21% to reach US$ 84.0mn as against US$ 106.2mn. Stocks that contributed significantly to the volumes include UNITY, ANL, FFL, KEL and HASCOL, which formed 35% of total volumes.

Previous articleChina says French claims on Uighur rights are ‘lies’
Next articleIndia creating trouble on CPEC, President informs Chinese envoy