Karachi, August 20, 2020: Market opened on a positive note today with +29 points, however, couldn’t carry the momentum showed in the previous sessions and posted a loss of 372 points in total during the session. The index closed -340 points (unadjusted).
Selling activity was observed in Fertilizer, Cement, Refinery and O&GMCs and intensified by the end of session, especially after announcement of MCB’s and FABL’s financial results. FABL hit lower circuit after the announcement.
Similarly, MCB lost ground after announcement, however, traded above lower circuit. Regional markets already showed bearish activity at the beginning of the session. Yesterday’s PIB auction also saw rise in shorter term tenors.
Technology sector topped the volumes with 84.5M shares, followed by Power (40.2M) and Banks (36.7M). Among scrips, TRG posted 30.4M shares, followed by PTC (21M) and UNITY (20M).
The Index closed at 39,869 points as against 40,154 points showing a decline of 286 points (-0.7 percent DoD). Sectors contributing to the performance include Cement (-81 points), Banks (-39 points), O&GMCs (-26 points), E&P (-24 points) and Power (-23 points).
Volumes declined from 427.2mn shares to 394.3mn shares (-8 percent DoD). Average traded value also declined by 24 percent to reach US$ 84.4mn as against US$ 110.4mn.
Stocks that contributed significantly to the volumes include TRG, PTC, UNITY, TPL and KAPCO, which formed 28 percent of total volumes.
Stocks that contributed positively to the index include HBL (+19 points), ABL (+17 points), TRG (+14 points), KAPCO (+13 points) and FFC (+10 points). Stocks that contributed negatively include MCB (-68 points), HUBC (-31 points), LUCK (-29 points), ENGRO (-25 points) and PPL (-16 points).
