Pakistan stock market continued to remain under pressure

·        Market continued to remain under pressure ahead of preponed MPS announcement. With further weakening of Pak rupee against dollar and mounting inflationary expectations, investors mostly stayed in the bearish territory. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. Accumulation was witnessed in the banking and power stocks as investors opted for cautious approach. In the last trading hour, sharp recovery was witnessed as short sellers jumped in to square-off trading positions.

·        The Index closed at 46,110.5pts, down 83.9pts, (-0.18% DoD). Sectors contributing to the performance include Technology & Comm. (-119.68pts), Fertilizers (-39.44pts) and OMCs (-21.43pts)

·        Volumes increased from 238.49mn shares to 263.55mn shares (10.5% DoD) while Traded value decreased by -16.3% to reach US$ 48.51mn as against US$ 57.97mn.

·        Stocks that contributed significantly to the volumes include MERITR2, GGL, SERF, TPLP and FCCL.

Courtesy – AHL

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