ZUBAIR YAQOOB KARACHI After opening on a positive note and gaining 145pts in the first session, the market saw heavy sell-off that aggravated in the second session losing 678pts during the session and closing -580pts (unadjusted). Bond yields for 3Y and 5Y were also observed to be trading at higher yields that caused concern amongst investors due to higher inflation and delay in possible rate cut. Selling activity was largely seen across the board amidst low volumes for better part of the day, but second session saw volumes picking up as prices declined steeply. Cement sector led the volumes table with 43.3M shares, followed by Chemical (28.1M) and Banks (26M). Among scrips, MLCF realized trading volumes of 21.5M, followed by LOTCHEM (17.4M) and UNITY (14.3M). The Index closed at 40,144pts as against 40,724pts showing a decline of 581pts (-1.4% DoD). Sectors contributing to the performance include Banks (-132pts), O&GMCs (-71pts), E&P (-65pts), Cement (-65pts) and Power (- 42pts). Volumes increased from 127.9mn shares to 193.5mn shares (+51% DoD). Average traded value also increased by 16% to reach US$ 44mn as against US$ 38mn. Stocks that contributed significantly to the volumes include MLCF, LOTCHEM, UNITY, HASCOL and BOP, which formed 38% of total volumes.
