Zubair Yaqoob
Karachi
International crude prices helped propped market on Monday, gaining 419pts during the session and closing near high levels. E&P and OMCs realized price gains, whereas Cement sector performed as well. Expectation of cut in duties and taxes related to raw material gave some excitement to otherwise cautious investors, resulting in increased volumes in cement, steel and pharmaceutical sectors. Banking sector also performed well, mainly courtesy of HBL, UBL and MCB and helped Index post decent gains. Technology stocks posted trading volume of 38.1M shares, followed by Cement (32.7M) and O&GMCs (15.9M). Among scrips, TRG topped the index with 19.5M shares, followed by PRL (18.8M) and HASCOL (13.1M). The Index closed at 34,750pts as against 34,350pts showing an increase of 399pts (+1.2% DoD). Sectors contributing to the performance include E&P (+134pts), Banks (+86pts), Cement (+49pts), Technology (+33pts), Pharma (+28pts) and Power (-17pts). Volumes increased from 89.1mn shares to 222.4mn shares (+150% DoD). Average traded value also increased by 119% to reach US$ 53.1mn as against US$ 24.3mn. Stocks that contributed significantly to the volumes include TRG, HASCOL, MLCF, HUMNL and PIOC, which formed 29% of total volumes. Stocks that contributed positively to the index include MCB (+53pts), POL (+52pts), UBL (+36pts), PPL (+35pts) and OGDC (+32pts).
