Karachi, April 27, 2020: Market opened on a negative today at -198 points and 1.6 million shares traded at the opening bell. In few minutes, the benchmark index hit -450 points and gradually picked pace to realize a loss of 675 points during the entire session.
Cement sector largely took the bantering, mainly due to concerns over recent increase in price / bag. Resultantly, KOHC hit lower circuit breaker and maintained that level till close of session. International crude oil prices also slid by 8.5 percent that kept pressure on E&P stocks.
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Overall trading volumes also remained low comparatively. Cement sector led the volumes with 41.5 million shares, followed by O&GMCs (10.5 million) and Banks (9.3 million). Among scrips, MLCF realized 17.3 million shares, followed by HASCOL (7.4 million) and DGKC (7 million).
The Index closed at 32,315 points as against 32,806 points showing a decline of 492 points (-.5 percent DoD). Sectors contributing to the performance include E&P (-89 points), Cement (-85 points), Banks (-84 points), Power (-59 points) and O&GMCs (-38 points).
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Volumes declined from increased from 120.2 million shares to 122.2 million shares (+2 percent DoD). Average traded value increased by 8 percent to reach US$ 33 million as against US$ 30.6 million.
Stocks that contributed significantly to the volumes include MLCF, HASCOL, DGKC, UNITY and PIOC, which formed 35 percent of total volumes. Stocks that contributed positively to the index include PAKT (+14 points), FFC (+6 points), BYCO (+6 points), ATRL (+4pts) and AGIL (+4 points). Stocks that contributed negatively include HUBC (-50 points), MARI (-44 points), LUCK (-38 points), UBL (-34 points), and ENGRO (-31 points).
