PSX falls today

  • Post author:
  • Post category:Uncategorized
  • Reading time:2 mins read

· Market took bantering today due to negative impact of tariff rationalization of IPPs, which transpired over the weekend, as well as selling pressure on Fertilizer and Cement sectors on repayment of GIDC as decided by the SC on the last trading day. ENGRO hit lower circuit, however, recovered later. Similarly, index heavy weight HUBC saw heavy selling pressure that brought the index down. Among Banks, HBL saw rates coming down more than other stocks in the sector, which is primarily attributed to profit booking by Investors. E&P and O&GMCs performed well, partly due to switching by investors from Power and Fertilizer sectors and partly because of expectation of resolution of circular debt. Resultantly, SNGP and SSGC hit upper circuits, whereas PSO also traded near upper circuit. O&GMCs topped the volumes with 72.3M shares, followed by Power (67.5M) and Vanaspati (57.7M). Among scrips, UNITY led the volumes with 37.3M shares, followed by HASCOL (35.2M) and TRG (26.4M).

· The Index closed at 40,122pts as against 40,291pts showing a decline of 168pts (-0.4% DoD). Sectors contributing to the performance include O&GMCs (+95pts), Pharma (+36pts), E&P (+33pts), Autos (+22pts) and Engineering (+14pts), Fertilizer (-170pts) and Power (-125pts).

· Volumes declined from 556.3mn shares to 522.7mn shares (-6% DoD). Average traded value, on the contrary, increased by 16% to reach US$ 133.7mn as against US$ 115.1mn.

· Stocks that contributed significantly to the volumes include UNITY, HASCOL, TRG, PRL and PAEL, which formed 29% of total volumes.

· Stocks that contributed positively to the index include PSO (+49pts), SNGP (+28pts), ABOT (+18pts), OGDC (+18pts) and PPL (+17pts). Stocks that contributed negatively include HUBC (-121pts), ENGRO (-116pts), HBL (-62pts), EFERT (-62pts) and LUCK (-27pts).

Sharing is caring

Leave a Reply