PSX index plunges due to reportedly the US announced sanctions on Taliban and its supporters

· After the initial uptick of 67pts carrying positive sentiment from yesterday, the market took a nose dive due to concerns on the foreign policy front where US announced sanctions on the Taliban and its supporters that had PSX investors worry about the fate of relations with US. Resultantly, the index tumbled 1300pts during the session and closed the session -1119pts (unadjusted). Selling was observed across the board with a major decline in Technology, Banks, E&P, O&GMCs and Fertilizer. Among scrips, TELE topped the volumes with 52.4M shares, followed by WTL (50.8M) and DCR (36M).

· The Index closed at 44,367pts against 45,275pts showing a decline of 908pts (-2% DoD). Sectors contributing to the performance include Banks (-172pts), Technology (-128pts), Cement (-100pts), Pharma (-65pts) and Fertilizer (-58pts).

· Volumes increased from 364.8mn shares to 468.8mn shares (+28% DoD). The average traded value also increased by 17% to reach US$ 96.2mn as against US$ 82.2mn.

· Stocks that contributed significantly to the volumes include TELE, WTL, DCR, BYCO and ANL, which formed 43% of total volumes.

· Stocks that contributed positively to the index include PAKT (+19pts), SCBPL (+3pts), GLAXO (+1pts), MUREB (+0pts) and IBFL (+0pts). Stocks that contributed negatively include TRG (-88pts), MCB (-61pts), SEARL (-35pts), SYS (-35pts) and LUCK (-35pts).

Courtesy – AHL

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