Market traded in a narrow range today after opening on a positive note with +41pts. The session saw index swaying +114pts and -160pts, demonstrating Investors general lack of interest due to concerns over political uncertainty. Selling pressure was mostly evident in Cement sector stocks, however, E&P stocks also failed to perform amid sticky oil prices in the international market. Technology sector stocks performed relatively better with NETSOL hitting upper circuit, while TRG trading in the positive zone. Although ASL and ISL increased product prices, the market didn’t react as positively as they could have. Among scrips, TRG topped the volumes with 41.2M shares, followed by UNITY (33.2M) and GGLR1 (18M).
· The Index closed at 42,115pts as against 42,207pts showing a decline of 92pts (-0.2% DoD). Sectors contributing to the performance include E&P (-54pts), Cement (-26pts), O&GMCs (-14pts), Banks (-12pts), Power (-12pts), Technology (+19pts) and Insurance (+14pts).
· Volumes declined from 427.9mn shares to 380.5mn shares (-11% DoD). Average traded value also declined by 2% to reach US$ 111.6mn as against US$ 113.3mn.
· Stocks that contributed significantly to the volumes include TRG, UNITY, JSCL, PRL and AVN, which formed 32% of total volumes.
· Stocks that contributed positively to the index include TRG (+16pts), AICL (+13pts), BAHL (+12pts), NESTLE (+9pts) and EPCL (+7pts). Stocks that contributed negatively include OGDC (-27pts), PPL (-25pts), MCB (-15pts), DAWH (-10pts) and LUCK (-10pts).