Zubair Yaqoob
Karachi
Market traded in a narrow range on Wednesday gaining +250pts during the session and retreating all gains by the end of session, closing -7pts. Banking sector continued the ascent today, although profit booking was also witnessed. Fertilizer sector fell back on the news of no decision by the Government for granting subsidy on Fertilizer products, which brought down the Fertilizer sector across the board. Pharma, Cement and Steel Sectors largely remained red throughout the session. E&P sector benefited slightly from an increase in international crude oil prices, whereby OGDC and PPL showed price gains during the session. Banking sector led the volumes again with 20.4M shares, followed by Technology (18.6M) and E&P (11.5M). Among scrips, TRG realized trading volume of 7.7M shares, followed by PAEL (7.4M) and PPL (6.9M). The Index closed at 34,401pts as against 34,408pts showing a decline of 7pts (0% DoD). Sectors contributing to the performance include Power (+21pts), E&P (+20pts), Textile (+15pts), Fertilizer (-31pts), Cement (-18pts), Pharma (-17pts). Volumes declined from 221.8mn shares to 130.0mn shares (-42% DoD). Average traded value also declined by 21% to reach US$ 41.5mn as against US$ 52.2mn. Stocks that contributed significantly to the volumes include TRG, PAEL, PPL, HASCOL and MLCF, which formed 25% of total volumes.
