Karachi, September 23, 2019: Start of the rollover week saw Market taking negative direction and an overall decline of ~400 points during the session.
Although international crude prices were at similar levels as observed at the end of last week, local oil & gas chain showed receding stock prices from E&P to OMCs.
Resultantly, OGDC, PPL, ATRL, NRL, PSO showed significant declines. Besides, Cement and Banking sector stocks also saw selling pressure. MLCF issued financial projections pertinent with 85 percent Rights issue that showed near term losses and caused the stock price to hit lower circuit.
Cement sector led the volumes with 15.7 million shares, followed by Technology (9.5 million) and O&GMCs (8 million). Scrip wise activity shows MLCF at the top with 6.4 million shares, followed by PSO (5.2 million) and FCCL (4.3 million).
On The Index closed at 31,751 points as against 32,111 points showing a decline of 360 points (-1.1 percent DoD). Sectors contributing to the performance include Banks (-101 points), E&P (-94 points), Cement (-46 points), O&GMCs (-26 points) and Pharma (-21 points).
Volumes declined from 153.3 million shares to 86.6 million shares (-44 percent DoD). Average traded value also declined by 34 percent to reach US$ 24.8 million as against US$ 37.3 million.
Stocks that contributed significantly to the volumes include MLCF, PSO, FCCL, TRG and PAEL, which formed 27 percent of total volumes.
Stocks that contributed positively include ENGRO (+19 points), SHFA (+5 points), BAHL (+5 points), JLICL (+5 points) and HGFA (+4 points). Stocks that contributed negatively include OGDC (-55 points), HBL (-45 points), PPL (-39 points), MCB (-21 points), and UBL (-20 points).
