Stocks fell sharply on Monday amid turmoil in global equities and commodities, with the benchmark KSE 100-share index declining by 198.37 points to close at 33,946.41 points. The market came off in line with weak global markets reacting to the terrorist attacks in Paris on Friday. Major index movers yesterday were MCB; down 2.93%, OGDC; down 1.31%, and ENGRO, down 1.19%. Defensive plays with strong dividend yields remained in demand in the wake of overall volatility as KAPCO went up 1.24% and HUBC gained 0.49%.
Mari Petroleum, up 3.22%, rallied on the back of news that it has applied for shifting to the 2012 petroleum policy which will allow it to raise wellhead gas price for new discoveries, commented analyst Ovais Ahsan at JS Global.
Trade was led by second and third tier scrips amid speculations ahead of SBP policy rate announcements due later this week, said analysts at major brokerage. Traded volume stood at 131m shares with lower value of Rs5.7b/$54m. TRG, up 4.21%, was the volume leader of the day with 14.43m shares traded. Pace (Pak) with volume of 15m shares and Shabbir Tiles with 8.3m shares were in spotlight in the market.