Karachi, February 08, 2021:Market saw selling pressure at the beginning of the week, which was also observed in the last trading session when Index crossed 47K level.
Profit booking was observed across the board, especially in Banks, E&P, Cement and Fertilizer sectors that kept any increase in index in check.
The Index swayed positively by 168 points earlier in the session, however, ended the session -197 points (unadjusted).
Conclusion of IPPs agreeing with the Government on power tariff as well resolution of circular debt helped Power, Refinery and O&GMCs sectors to contribute positively to the Index.
Similarly, Tech stocks performed well today with TRG closing upper circuit. Among scrips, WTL topped the volumes with 52.9 million shares, followed by TELE (35.6 million) and TRG (33.1 million).
The Index closed at 46,721 points as against 46,906 points showing a decline of 184 points (-0.4 percent DoD). Sectors contributing to the performance include Fertilizer (-101 points), Cement (-53 points), Banks (-53 points), Chemical (-27 points) and Inv Banks (-22 points).
Volumes declined from 440.2 million shares to 428.6 million shares (-3 percent DoD). Average traded value also declined by 16 percent to reach US$ 139.0 million as against US$ 165.5 million.
Stocks that contributed significantly to the volumes include WTL, TELE, TRG, HASCOL and PRL, which formed 39 percent of total volumes.
Stocks that contributed positively to the index include TRG (+91 points), POL (+29 points), MARI (+16 points), SYS (+9 points) and OGDC (+8 points). Stocks that contributed negatively include ENGRO (-44 points), FFC (-26 points), HBL (-22 points), DAWH (-20 points) and EFERT (-19 points).