PSX continues to move upward

Market opened on a positive note with +131pts and added a total of 670pts on the board to almost touch 40K level. The index also realized highest value traded of Rs, 26B, which was last observed in 2017. While E&P stocks saw, selling pressure, Cement and banking sectors took the lead and carried the momentum. Release of inflation data caused some selling pressure, however, the same improved prospects for banking sector stocks, which are still trading at relatively low level compared with listed manufacturing sector stocks. Cement sector garnered 125.5M shares in trading volumes, followed by Technology (51.8M) and Engineering (45.5M). Among scrips, MLCF topped the volumes with 34.9M, followed by POWER (32.5M) and TRG (29.9M).

· The Index closed at 39,872pts as against 39,258pts showing an increase of 613pts (+1.6% DoD). Sectors contributing to the performance include Banks (+169pts), Cement (+126pts), Fertilizer (+39pts), O&GMCs (+37pts) and Pharma (+34pts).

· Volumes increased again from 368.7mn shares to 539.3mn shares (+46% DoD). Average trade value also increased by 51% to reach US$ 154.2mn as against US$ 102.3mn.

· Stocks that contributed significantly to the volumes include MLCF< POWER, TRG, PAEL and KEL, which formed 27% of total volumes.

· Stocks that contributed positively to the index include HBL (+83pts), LUCK (+54pts), TRG (+35pts), ENGRO (+29pts) and UBL (+25pts). Stocks that contributed negatively include MARI (-14pts), PPL (-13pts), POL (-6pts), OGDC (-5pts), and MEBL (-5pts).

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