Karachi, May 30, 2019: Market carried with the momentum showed yesterday and opened on a positive note today with +259pts and 3M shares traded on the opening bell. During the session, the index went up by 577pts however, selling pressure brought the market down to -304pts at a point in time again. The main cause of concern was again Market Support Fund, where rumors kept circulating that it has not yet been approved, despite clarity given by SECP Chairman and Advisor to Finance Ministry By the end of the session, ECC’s approval of EMOF and SEF (Enterprise Funds) brought some confidence back to the investors.
However, the market did not recover the eroded points. Banking sector led the volumes table with 40M shares, followed by the Cement sector (38M). BOP contributed more than half the traded volumes in the Banking Sector, whereas MLCF led the Cement Sector with 14M shares.
The Index closed at 35,974pts as against 35,959pts showing an increase of 15pts (0.04% DoD). Sectors contributing to the performance include Banks (+69pts), O&GMCs (+59pts), Autos (+19pts), Fertilizer (-68pts), Power (-38pts), Textile (-27pts), Cement (-23pts).
Volumes increased from 182.5mn shares to 199.1mn shares (+9% DoD). Average traded value also increased by 17% to reach US$ 59.7mn as against US$ 51.1mn.
Stocks that contributed significantly to the volumes include BOP, MLCF, UNITY, KEL, and SNGP, which formed 38% of total volumes.
Stocks that contributed positively include BAHL (+31pts), PSO (+23pts), UBL (+22pts), SNGP (+20pts) and NESTLE (+14pts). Stocks that contributed negatively include FFC (-35pts), HUBC (-32pts), ENGRO (-26pts), NML (-19pts) and OGDC (-15pts).