Market started on the positive note and benchmark KSE100 Index tested day high of 46,828 level. Fertiisers gaining 1.5 percent led the gains amid possible hike in Urea prices as Industry Officials warned of possible supply constraints due to hoardings by dealers ahead of summer crops.
Market kicked off on a positive note making an intraday high of +190 points but soon came down in the second half and traded sideways, making an intraday low of -107 points. Market came under pressure after investors booked profit mainly in the Financials and Cement sector where major laggards were FABL (-3.21%), MEBL (-3.05%), BAHL (-1.25%), CHCC (-1.34%), MLCF (-0.65%), DGKC (-0.19%) and LUCK (-0.64%). Major heavyweights namely HBL (-0.55%), OGDC (-0.05%), LUCK (-0.64%), MCB (-0.17%) and POL (-1.30%) cumulatively contributed -56 points.
Wider market barring Fertilisers closed lower with select index names across heavyweight Exploration and Productions (E&Ps) and Financials denting KSE-100 Index the most on low trading. On corporate news front, Amreli Steels ASTL PA -0.2% called off the joint venture with a Chinese company for electric transmission business; the said information however had no impact on the stock’s price. Elixir Securities’ analyst said market is likely to consolidate in a 300-500 points range in the near-term.
Traded volumes decreased by 18 percent day-on-day (DoD) to 203 million shares while value traded plunged to $ 72 million. Top volume stocks were FCCL (+2.08%), EPCL (+2.60) and TRG (+2.04%). In E&Ps, POL (-1.30%) and OGDC (-0.05%) closed in the red as concerns as increased U.S. drilling activity kept the international market in grim. Moreover, in OMCs, PSO (-1.35%) closed negative as PSO is still facing financial miseries as it claims Rs28bln from SNGPL in LNG dues amid circular debt feared to reignite power crisis.
Published in Daily Times, April 10th 2018.
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