ZUBAIR YAQOOB
KARACHI Market opened on a positive note with +75pts and 0.8M shares traded at the opening bell. The index continued the surge throughout the session, increasing by 724pts during the day and ending the session +709pts. Expectation of early release of COVID 19 financial assistance from IMF kept the mood elevated at the bourse, which was further aided by an uptrend in international crude prices (which gained another 3% over yesterday). Besides E&P Stocks, Cement and Steel also rallied based on construction package announced last Friday. Cement sector led the volumes with 54.5M shares, followed by O&GMCs (23.1M) and Banks (21.4M). Among scrips, MLCF topped the charts with 20.4M shares followed by HASCOL (19.8M) and FFL (9.8M). The Index closed at 31,232pts as against 30,579pts showing an increase of 652pts (+2.1% DoD). Sectors contributing to the performance include E&P (+176pts), Cement (+120pts), Banks (+109pts), Power (+73pts) Fertilizer (+44pts).
