After witnessing a sideways trading session in the early hours, the market consistently came down making a low of 420 points.
Financials and Cements took the lead in the day’s decline with MCB Bank Limited (MCB) losing 1.93 percent, Habib Bank Limited (HBL) losing 1.77 percent; Maple Leaf Cement Factory Limited (MLCF) losing 3.84 percent and DG Khan Cement Company Limited (DGKC) losing 2.79 percent collectively contributed 101 points in Moday’s decline.
DGKC was also under pressure as Supreme Court today concluded the Katas Raj Case and directed the Company to deposit Rs 80 million for payment of water utilized and Rs 20 million as penalty for attempting to mislead the apex court.
Traded value stood at $52 million (down 33 percent) while volumes clocked in at 176 million, down 12 percent. Furthermore, major contribution to total market volume came from LOTCHEM (+0.05%), STPL (+4.40%) and DSL (+13.44%). An equity analyst Maaz Mulla expects investor’s sentiment to remain positive and recommend investors to wait for further developments on the economic front on the Pak-China event.
Published in Daily Times, November 20th 2018.