PSX index – Banks see accumulation in anticipation of an increase in interest rates

· Index stayed in the green zone throughout the day as the market celebrated the statement from Advisor to Prime Minister on Finance that no proposal for the PM to seek the help of the International Monetary Fund (IMF) chief was under consideration, which eventually gave confidence to investors. Market opened on a positive note as traders took a bet on cement, steel and technology stocks. Accumulation was witnessed in the banking sector as investors eyed rate hikes in the upcoming monetary policy. On the institutional front, buying activity was observed in the cement sector as inflows appeared through mutual funds.

· The Index closed at 46,630 pts as against 46,400 pts showing an increase of 230 pts (+0.5% DoD). Sectors contributing to the performance include Fertilizer (+80pts), E&P (+70pts), Technology (+21pts), Pharma (+21pts) and Power (+20pts).

· Volumes decreased from 434.7mn shares to 320.3mn shares (-26.3% DoD). Traded value also decreased by 25.3% to reach US$ 61.6mn as against US$ 82.5mn.

· Stocks that contributed significantly to the volumes include FNEL, SERF, GGL, TELE and TPLP.

Courtesy – AHL

Posted in Article & Features.

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