OGMCs sector remained under pressure as petrol price decreased by 3.4% to PKR 140.82/liter,

·          Bears ruled over the bulls today as disappointment occurred from the auction of market treasury bills where cut-off yields remained flat across all tenors. Market opened on a bleak note as investors opted for profit booking but were unable to sell in the green zone. OGMCs sector remained under pressure as petrol price decreased by 3.4% to PKR 140.82/liter, causing inventory loss to oil and gas marketing companies. Pharma sector stayed in the red zone as proposal on the cards of applicability of sales tax on the import of pharmaceutical active ingredients and local supply of medicines. Main board activity remained dull. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

·          The Index closed at 44,731pts as against 44,367pts showing a decrease of 636pts (-1.4% DoD). Sectors contributing to the performance include Commercial Banks (-199pts), Cement (-116pts), Fertilizer (-65pts), E&P (-64pts) and OMC’s (-44pts).

·          Volumes decreased from 398.1mn shares to 312.1mn shares (-21.6% DoD). Traded value also decreased by 13.1% to reach US$ 56.9mn as against US$ 65.5mn.

·          Stocks that contributed significantly to the volumes include WTL, TELE, BYCO, TRG and UNITY.

Courtesy – AHL

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