Reports of higher remittances in February 2020 and falling energy prices, however, supported banking, auto and cement stocks. “It caused the exploration and production sector to slide, with Pakistan Petroleum trading near previous day’s lower circuit breaker,” it added. Stocks that contributed positively to the index included HBL (+27 points), UBL (+25 points), Bank AL Habib (+23 points), Bank Alfalah (+16 points) and Searl (+13 points). Meanwhile, stocks that contributed negatively were Pakistan Petroleum (-14 points), Engro (-11 points), Fauji Fertiliser Company (-11 points), Maple Leaf Cement (-9 points) and Lucky Cement (-9 points). Exploration and production stocks also lost ground amid market pressure where Pakistan Petroleum (-1%), Pakistan Oilfields (-1%) and Mari Petroleum (-1.4%) closed lower than the previous day.

Source: The Express Tribune March 11, 2020 14:15 UTC