A significant rise in Global commodities Market led to dampening of sentiments as oil prices have crossed $110-mark,
while spot coal trades around $300 dollar plus and other commodities like wheat, palm oil also marked a sharp high.
PSX opened in pressure and made its intraday low of 44,133 (-669 points). Most of the selling pressure was witnessed in the cements and fertilizer sectors. Index later closed at 44, 457 (-346 points).
Technology and Oil&Gas sectors remained upbeat and supported the index, investor buying interest was observed in Oil & Gas companies i.e., OGDC and PPL due to high international oil price and expectation of hefty dividends.
Cement sector took a major correction today due to spike in international coal prices
TRG, PIOL, OGDC and PPL added 124 points to the index while LUCK, ENGRO, FFC contributed negative 110 points to the Index.
KSE-ALL Index and KSE100 Index volumes were recorded at 234mn (-24%) and 114mn (-12%) shares respectively.
Stock which were closed at higher levels included TRG (+5.8%), NBP(+4.5%), NESTLE(+4.5%), PAEL(+3.4%).
While stocks which lost during the session included PIOC(-3.4%), HCAR(-3.1%) and CEPB(-3.1%)
Overall Outlook for the market remains bearish as High Commodity Prices are expected to erode Corporate Profitability going onwards.
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