Karachi, May 13, 2020: Market opened on a positive note today with +125 points and maintained the momentum from yesterday, gaining 200 points before facing resistance. MSCI rebalancing did not result in HBL’s ouster, which is the main reason for selling pressure in HBL in the past sessions. HBL posted price gains but still stayed within limits.
Cement sector bore selling pressure, as did Power and E&P sectors. Among pharma stocks, FEROZ posted a consistent upper circuit, whereas buying activity was also observed in SEARL. Among O&GMCs, SNGP faced selling pressure due to exclusion from MSCI EM Index. Cement sector led the volumes with 69.1M shares, followed by Technology (32.1M) and O&GMCs (16.1M). Among scrips, MLCF had 23.2M shares, followed by DCL (16.2M) and TRG (15.9M).
The Index closed at 33,693 points as against 33,603 points showing an increase of 90 points (+0.3 percentDoD). Sectors contributing to the performance include Banks (+72 points), E&P (+41 points), Pharma (+17 points), Technology (+13 points), Power (-19 points) and Inv Banks (-16 points).
Volumes declined from 224.5 million shares to 219.2 million shares (-2 percentDoD). Average traded value, on the contrary, increased by 11 percentto reach US$ 51.0 million as against US$ 45.9 million.
Stocks that contributed significantly to the volumes include MLCF, TRG, DCL, FCCL and HASCOL, which formed 34 percentof total volumes. Stocks that contributed positively to the index include HBL (+37 points), PPL (+29 points), MARI (+18 points), TRG (+18 points) and MCB (+15 points). Stocks that contributed negatively include SNGP (-27 points), HUBC (-22 points), ENGRO (-19 points), DAWH (-16 points), and EFUG (-11 points).
