PSE: Bloodbath continued today

· Bears ruled over the bulls for the fourth consecutive session in a week due to concerns over devaluation of Pak rupee and last leg of foreign selling spree. Roll-over week continued to remain under pressure despite attractive valuations in terms of low P/E multiples and high dividend yields. Technology stocks remained in the limelight throughout the day as traders placed the bet on high-beta stocks to mark quick trading gains. On the flip-side, Institutional investors fetched for value hunting in the last trading hour.

· The Index closed at 43,936 pts as against 44,364 pts showing a decrease of 428 pts (1.0% DoD). Sectors contributing to the performance include Commercial Banks (-140pts), Power (-59pts), Fertilizer (-50pts), Cement (-48pts) and Pharmaceuticals (-432pts).

· Volumes decreased from 310.4mn shares to 195.2mn shares (-37.1% DoD). Traded value also decreased by 35.2% to reach US$ 48.0mn as against US$ 74.0mn.

· Stocks that contributed significantly to the volumes include TPLP, BYCO, HUBC, WTL and TRG.

Posted in Article & Features.

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