Market Recap
Inflation signals have been heating up with consumer price inflation blowing past expectations and wages rising as labor demand rapidly outpaces supply.
MARKET OVERVIEW
The benchmark KSE – 100 Index concluded negative with the loss of 226pts (0.47% DoD) to settled at 48,013 level. Trading volumes of 839Mn shares were recorded, surged by 12% DoD. Trading commenced on a higher note but succumbed to selling pressure due to the FATF meeting and Rollover week. The hike in Global Commodities and encouraging FDI during May failed to excite the Investors and Index touched a low of 47,964.The market is expected to be mix and may find support near 47,650 level whereas, profit taking can be observed above 48,350 level.
Fig Ref:KSE-100
KSE: 100 showed consolidation throughout the trading session and fell by 25 points to close at KSE 100: 47,987 with volume traded 209.25 Mn shares. The market showed range bound activity due to rollover week and some uncertainty in approval of budget
Fig Ref:KSE-100
SECTORS OVERVIEW
The Food, Inv. Banks. Textile, Transport and Power sectors were the positive contributors that added 32 points to the Index. While, the Cement, Banks, Chemical, Fertilizer, OMC, Refinery and E&P sectors dented the Index by 262points.
On the Corporate news side,
HUMNL informed that the Company has not entered into any agreement with Netflix, Inc regarding exclusive selling of content.
Banking ector clocked in the highest volume of 261.3Mn. Script wise, SILK (235Mn), HUMNL(60.3Mn) and WTL (58.4Mn) were the volume leaders.
Fig Ref:Sectors Watch
POSITIVE CONTRIBUTORS (BY POINTS)
Fig Ref:Today's Market Performer
NEGATIVE CONTRIBUTORS (BY POINTS)