The bulls were defeated today by the bears, who were disappointed by the auction of market treasury bills, which saw cut-off yields remain flat across all tenors. The market started out on a sour note, as investors sought to book profits but were unable to sell in the green zone. The OGMCs sector continued under pressure as the price of petrol fell by 3.4 percent to PKR 140.82/litre, leading oil and gas marketing firms to lose inventories.
The pharmaceutical industry has been in the doldrums due to a proposal on the table to levy a sales tax on pharmaceutical active components imported from other countries and on medications distributed locally. The activity on the main board remained subdued. On the other hand, activity remained sideways as the market saw heavy volumes in the 3rd tier stocks.
The Index closed at 44,731pts as against 44,367pts showing a decrease of 636pts (-1.4% DoD). Sectors contributing to the performance include Commercial Banks (-199pts), Cement (-116pts), Fertilizer (-65pts), E&P (-64pts) and OMC’s (-44pts).
Volumes decreased from 398.1mn shares to 312.1mn shares (-21.6% DoD). Traded value also decreased by 13.1% to reach US$ 56.9mn as against US$ 65.5mn.
Stocks that contributed significantly to the volumes include WTL, TELE, BYCO, TRG and UNITY.