Karachi, May 10, 2019: The market declined further today and traded below 35k level throughout the day. During the session, the index lost a total of 240 points but recovered slightly by the end to show a net decline of 180pts (unadjusted). Cement, Banks, OMCs, Refinery and E&P contributed to selling pressure.
Overall volumes remained anemically low at 39M shares, topped by KEL (4.8M), followed by MLCF (2.7M) and SEARL (1.9M). IMF’s bailout package was the talk of the town, where the sources from Finance Ministry (as relayed by TV channels) were hinting that the deal is just around the corner and the conditionalities of the deal are mainly to the detriment of cost of doing business.
The Index closed at 34,716pts as against 34,888pts showing a decline of 171pts (-0.5% DoD). Sectors contributing to the performance include E&P (-62pts), Fertilizer (-50pts), O&GMCs (-24pts), Cement (-24pts), Cement (-21pts), Food (+26pts).
Volumes declined significantly from 39.3 million shares as against 78.1 million shares (-50 percent DoD). Average traded value also declined by 53 percent to reach US$ 12.4 million as against US$ 26.3 million.
Stocks that contributed significantly to the volumes include KEL, MLCF, SEARL, LOTCHEM, and UNITY, which formed 33 percent of total volumes.
Stocks that contributed positively include NESTLE (+34pts), MCB (+24pts), ABL (+15pts), MTL (+13pts) and THALL (+9pts). Stocks that contributed negatively include DAWH (-29pts), POL (-25pts), ENGRO (-19pts), PPL (-19pts) and SEARL (-15pts)