Market witnesses narrow range trade


Zubair Yaqoob

Market traded in a narrow range between +108pts and -115pts, closing the session -18pts. Activity remained dull throughout the session, primarily due to absence of a strong trigger ahead. During the session, news of trade surplus added a bit of excitement but selling pressure kept the prices in check. International crude oil prices also saw attrition during trading hours, which brought E&P stocks below Tuesday’s closing prices. Fertilizer stocks performed well, among which DAWH hit upper circuit, whereas buying interest was also observed in ENGRO. Technology sector topped the volumes with 34.9M shares, followed by Food (16.7M) and Refinery (14.4M). Among scrips, TRG realized 16.4M shares, followed by UNITY (12.6M) and PRLR (11.8M). The Index closed at 34,034pts as against 34,052pts showing a decline of 18pts (-0.10% DoD). Sectors contributing to the performance include E&P (-44pts), Banks (-33pts), Power (-20pts), Cement (-13pts) and Pharma (-12pts). Volumes increased from 160.6mn shares to 195.7mn shares (+19% DoD). Average traded value increased by merely 1% to reach US$ 34.6mn as against US$ 33.5mn. Stocks that contributed significantly to the volumes include TRG, UNITY, PRLR1, TPL and ASC, which formed 30% of total volumes. Stocks that contributed positively to the index include DAWH (+62pts), NESTLE (+40pts), ENGRO (+27pts), APL (+10pts) and EFERT (+10pts).