Despite positive movement in index early hour on Thursday, the market couldn’t sustain the momentum and selling resumed, which took the index trading below 35k level.
Market traded in a narrow band between +265pts and -206pts and ended -116pts (un adjusted).
OMCs, Cement, E&P, Steel improved over the day, whereas Banking sector took the toll from selling in HBL, UBL and MCB.
Cement sector performed on the back of rumours relating to sales quota dispute amongst cement manufacturers that saw mid cap cement stocks hitting upper circuit, however, selling ensued that brought price levels down.
Similarly, Auto sector remained under selling pressure due to macro-economic concerns.
The Index closed at 34,887pts as against 35,035pts showing a decline of 147pts (-0.4% DoD).
Sectors contributing to the performance include Banks (-132pts), Fertilizer (-44pts), Autos (-28pts), Chemical (-21pts), Food (-20pts), Cement (+44pts), Power (+28pts), O&GMCs (+21pts), E&P (+21pts).
Volumes declined from 113mn shares to 78mn shares (-31% DoD). Average traded value also declined by 18% to reach US$ 26.4mn as against US$ 32.3mn.
Stocks that contributed significantly to the volumes include MLCF, SNGP, LOTCHEM, KEL and EFERT, which formed 29% of total volumes.
Stocks that contributed positively include OGDC (+25pts), HUBC (+21pts), LUCK (+17pts), SNGP (+17pts) and PPL (+17pts).
Stocks that contributed negatively include MCB (-46pts), HBL (-41pts), MARI (-27pts), NESTLE (-24pts) and UBL (-24pts).