PSX index continues to slide

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· Market made another feat with achieving trading volume of 1 billion shares in the regular market, whereby WTL contributed the most with 369M shares, however, other stocks also maintained the average trading volume of ~600M shares. Profit booking continues unabated, particularly in E&P sector that regressed today despite stable international crude oil prices. Cement sector performed on the back of better results announced by CHCC, which firmed investors for similar results for the peers. Banks, E&P and Engineering (Steel) sector saw attrition, whereas Cement sector held firm ground today. Among scrips, WTL topped the volumes with 369.8M shares, followed by KEL (106.8M) and TELE (41.5M).

· The Index closed at 46,644pts as against 46,675pts showing a decline of 31pts (-0.1% DoD). Sectors contributing to the performance include E&P (-92pts), Banks (-50pts), Technology (-33pts), Fertilizer (-20pts) and Engineering (-11pts).

· Volumes increased from 664mn shares to 1012mn shares (+52% DoD). Average traded value declined by 4% to reach US$ 171.3mn as against US$ 178.1mn.

· Stocks that contributed significantly to the volumes include WTL, KEL, TELE, PRL and FCCL, which formed 58% of total volumes.

· Stocks that contributed positively to the index include LUCK (+76pts), FCCL (+29pts), CHCC (+25pts), PIOC (+25pts) and KOHC (+21pts). Stocks that contributed negatively include OGDC (-34pts), MARI (-23pts), SYS (-22pts), PPL (-19pts) and BAHL (-16pts).

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