Karachi, March 10, 2020: Market rebounded today erasing most of the losses sustained yesterday. Market opened on a positive note today with +145 points, however, dipped again and lost 145 points (intra-day).
Oil & gas stocks kept the selling pressure on, due to low oil prices that maintained a plateau of ~U$34/bbl. Interestingly, both OGDC and PPL, which were offered in huge quantities at lower lock yesterday got disposed off at and around today’s lower circuit breakers.
PSO turned out to be the head turner today with a positive opening, and closing the session at upper circuit. Cyclicals, Cement and Steel sector stocks were on back burner in relative terms, although leading stocks managed to post decent volumes. Cement sector posted volumes of 86.2 million shares, followed by O&GMCs (43.5 million) and Banks (28.8 million). Among scrips, MLCF realized 27.9 million shares, followed by PPL (23.6 million) and FCCL (16.1 million).
The Index closed at 37,696 points as against 37,059 points showing an increase of 637pts (+1.7 percent DoD). Sectors showing performance include E&P (-152 points), Banks (+353 points), Fertilizer (+112 points), O&GMCs (+93 points), Chemical (+39 points) and Pharma (+32 points).
Volumes declined from 307.9 million shares to 274 million shares (-11 percent DoD). Average traded value however, increased by 46 percent to reach US$ 106.7 million as against US$ 73.3 million.
Stocks that contributed significantly to the volumes include MLCF, PPL, FCCL, OGDC and KEL, which formed 36 percent of total volumes.
Stocks that contributed positively include HBL (+101 points), BAHL (+64 points), MCB (+60 points), PSO (+50 points) and ENGRO (+45 points). Stocks that contributed negatively include PPL (-85 points), POL (-61 points), OGDC (-36 points), LUCK (-19 points), and HMB (-8 points).
