Experts expect interest rate hike by SBP in the upcoming monetary policy – this caused mixed sentiment in PSX index today

· Market opened on a positive note due to strengthening Pak Rupee and down-turn of commodities price cycle. Institutional investors buying was witnessed in the Cyclicals (Cement and Steel) sector. Later on, mixed sentiment was witnessed in the market as investors opted for profit booking specially in cement sector in expectation of interest rate hike by SBP in the upcoming monetary policy. Activity remained on a lackluster front as index reached a physiological level of 47000 points for investors.

· The Index closed at 47,113 pts as against 46,975 pts showing an increase of 138.14 pts (+0.3% DoD). Sectors contributing to the performance include Technology (+120pts), Banks (+57pts), Engineering (+16pts), Leather (+15pts) and Refinery (+14pts).

· Volumes decreased from 430mn shares to 306.2mn shares (-28.8% DoD). Average traded value also decreased by 6.7% to reach US$ 80.81mn as against US$ 86.4mn.

· Stocks that contributed significantly to the volumes include BYCO, TELE, FNEL, HUMNL and WTL.

Courtesy – AHL

Posted in Article & Features.

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