· Bears ruled over the bulls today as investors were unable to digest the higher than expected interest rate increase. The beginning of roll-over week witnessed bearish momentum despite the long awaited news of Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement. Firstly, only cyclical stocks came under the radar and investors started off-loading positions. Later on, bloodbath session was witnessed as selling came across the board. On the institutional front, cautious stance was noted due to the concerns of foreign selling spree.
· The Index closed at 45,745 pts as against 46,489 pts showing a decrease of 744 pts (-1.6% DoD). Sectors contributing to the performance include Cement (-184pts), Technology (-153pts), E&P (-90pts), Ferilizer (-70pts) and Textile Composite (-36pts).
· Volumes decreased from 304.2mn shares to 261.9mn shares (-13.9% DoD). Traded value also decreased by 8.8% to reach US$ 62.6mn as against US$ 68.6mn.
· Stocks that contributed significantly to the volumes include TRG, BYCO, TPLP, TREET and GTECH.
Courtesy – AHL