The drop in coal prices primarily reversed the selling tide in cement sector today

· The drop in coal prices primarily reversed the selling tide in Cement sector today, which led the Index from the front. Similarly, the overnight dent in international oil prices caused downward pressure in E&P stocks. The positive stride in index also propelled Steel sector scrips and investors considered taking positions. Overall, the Index added a total of 574pts during the session and closed +213pts (unadjusted). Cement sector stole the limelight, with MLCF garnering the most volume (besides hitting upper circuit) among Cement sector stocks, followed by DGKC. Selling pressure ensued, which brought the stock price of MLCF down from upper circuit by the end of session. Besides Cement, Banks and Refinery sector stocks got investors’ preference. Among scrips, WTL led the volumes with 57.5M shares, followed by TELE (36.9M) and TREET (12.8M).

· The Index closed at 44,586pts as against 44,373pts showing an increase of 213pts (0.5% DoD). Sectors contributing to the performance include Cement (+101pts), Banks (+65pts), Technology (+36pts), Textile (+23pts) and Chemical (-21pts).

· Volumes increased from 252.7mn shares to 296mn shares (+17% DoD). Average traded value also increased by 4% to reach US$ 61.2mn as against US$ 59mn.

· Stocks that contributed significantly to the volumes include WTL, TELE, TREET, UNITY and JSCL, which formed 44% of total volumes.

· Stocks that contributed positively to the index include TRG (+40pts), CHCC (+26pts), HBL (+23pts), MLCF (+22pts) and KTML (+20pts). Stocks that contributed negatively include COLG (-17pts), ENGRO (-11pts), POL (-10pts), LUCK (-10pts) and EPCL (-8pts).

Courtesy – AHL

 

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