Market opened on a positive note with +49pts and initially leaped forward +200pts however, low volumes and lack of interest by investors in general caused the index to slide. The market came down by 145pts, again with low volumes. Mid-day, activity started picking pace with first signs of recovery in KEL, followed by Cement sector and then spreading to all and sundry.
Positive comments by participants in a Bloomberg conference and days of lethargic activity is believed to have caused an improvement in sentiment and increase in otherwise poor trading volumes.
Sectors leading the volumes table include Power (KEL), Banks (BOP) and Cement (MLCF). Large cap stocks such as UBL, HBL, ENGRO, OGDC increased significantly that had the index close +566pts (unadjusted).
The Index closed at 38,852pts as against 38,307pts showing an increase of 545pts (+1.4% DoD). Sectors contributing to performance include Banks (+230pts), Fertilizer (+93pts), Cement (+70pts), Power (+47pts), & O&GMCs (+38pts).
Analysts at Arif Habib Limited said that the volumes declined from 129.5mn shares to 99.4mn shares (-23% DoD). Average traded value also declined by 3% to reach US$ 32mn as against US$ 33.1mn.
Stocks that contributed significantly to the volumes include KEL< BOP, PAEL, PIBTL and TRG, which formed 39% of total volumes.
Stocks that contributed positively include HBL (+91pts), MCB (+69pts), FFC (+43pts), HUBC (+35pts), and LUCK (+34pts).
Stocks that contributed negatively include COLG (-12pts), IGIHL (-7pts), JLICL (-7pts), SEARL (-7pts) and PMPK (-5pts).