E&P sector saw heavy selling at PSX index today

· Market traded positive today with expectation of approval of Federal Budget from the Parliament. Since the beginning of the session, the index moved up and gained 300pts in few minutes. The index added a total of 506pts during the session, and closed the session +170pts (unadjusted). E&P sector saw heavy selling, realizing a decline in price below LDCPs. Technology, Banks and Steel sectors contributed positively to the market today, especially TRG which saw active buying in response to the corporate briefing held yesterday. Among scrips, SILK led the table with 69.2M shares, followed by HASCOL (66.2M) and WTL (55.7M).

· The Index closed at 47,138pts as against 47,002pts showing an increase of 135pts (+0.3% DoD). Sectors contributing to the performance include E&P (-93pts), Chemical (-33pts), Power (-26pts), Technology (+89pts), Banks (+71pts) and Cement (+22pts).

· Volumes declined from 655.1mn shares to 581mn shares (-12% DoD). Average traded value also declined by 9% to reach US$ 108.8mn as against US$ 119.5mn.

· Stocks that contributed significantly to the volumes include SILK, HASCOL, WTL, TPL and JSCLR1, which formed 43% of total volumes.

· Stocks that contributed positively to the index include TRG (+78pts), HBL (+30pts), ENGRO (+21pts), UNITY (+20pts) and MEBL (+18pts). Stocks that contributed negatively include PPL (-40pts), OGDC (-38pts), HUBC (-35pts), COLG (-29pts) and HASCOL (-13pts).

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