Profit taking continued in Pakistan’s stock today

· Market saw continued selling pressure which was partly due to ongoing roll-over activity and partly the profit booking in Cement, Fertilizer, Technology and Oil & Gas chain. O&GMCs sector faced selling pressure in PSO, which persisted since yesterday when the company disclosed its financial results to the dismay of investors. Activity remained lackluster and the index lost a total of 211pts after recording a gain of 88pts. The index closed -193pts. Among Engineering sector stocks, ISL declared hefty dividend besides significant earnings, with the stock contributing to high traded value and an uptick. Among scrips, WTL topped the volumes with 38M shares, followed by ANL (33.3M) and GGL (22M).

· The Index closed at 47,636pts as against 47,829pts showing a decline of 193pts (-0.4% DoD). Sectors contributing to the performance include Cement (-67pts), Misc (-35pts), Technology (-26pts), O&GMCs (-23pts) and E&P (-17pts).

· Volumes slightly declined from 394.9mn shares to 384.6mn shares (-3% DoD). Average traded value also declined by 16% to reach US$ 69.2mn as against US$ 82.2mn.

· Stocks that contributed significantly to the volumes include WTL, ANL, GGL, FNEL and KOSM, which formed 32% of total volumes.

· Stocks that contributed positively to the index include MCB (+11pts), ISL (+7pts), FFC (+7pts), MTL (+5pts) and BAFL (+5pts). Stocks that contributed negatively include PSEL (-35pts), LUCK (-21pts), TRG (-15pts), DGKC (-15pts) and MLCF (-13pts).

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