Karachi, February 04, 2021: Despite a positive opening, the KSE100 index closed flat at 46,906 (down 28 points) after a choppy trading session. 440 million shares were traded during the day with highest contribution coming from PRL (1.0 percent), TRG (-3.7 percent), KEL (-2.4 percent), PIBTL (-2.6 percent), HASCOL (-0.4 percent) and HUMNL (-4.0 percent). FFBL (0.6 percent) in the Fertilizer sector closed positive with a volume of 9.6 million shares on the news report that the ECC had allowed continuation of gas supply to the company for another five years.
Moreover, MARI (7.5 percent) closed at its upper circuit on the news that the ECC has approved the removal of the dividend cap on distribution of dividends.
As a result, OGDC (2.6 percent) which holds a 20 percent stake in MARI also closed in the green. Pressure was seen in the Pharmaceutical sector where AGP (-7.4 percent) closed in the lower limit whereas SEARL (-1.9 percent) also came under duress.
We recommend investors to avail any upside as selling opportunity as the market is overbought.
