PSX index shows lackluster activity today

· Post closure of financial year- end, the market begin receding, resulting in a loss of 311pts during the session and closed -237pts (unadjusted). Lack of obvious near term trigger caused the lackluster activity in the market whereby investors are concerned about beginning of earnings season, due to start end August. Selling pressure was evident across the board, with focus on Cement, Steel, Technology, Refinery and E&P sectors. OGDC became exception to the selling, and saw active trading with range bound price uptick. SNGP posted its results with a dividend payout that attracted investors to build position and realized price gain. Among scrips, WTL led the table with 55.5M shares, followed by HASCOL (39.6M) and KEL (29.4M).

· The Index closed at 47,429pts as against 47,686pts showing a decline of 257pts (-0.5% DoD). Sectors contributing to the performance include Cement (-76pts), Technology (-23pts), E&P (-23pts), Tobacoo (-21pts), Fertilizer (-16pts) and Power (+25pts).

· Volumes declined from 563.8mn shares to 494.5mn shares (-12% DoD). Average traded value also declined by 6% to reach US$ 97.2mn as against US$ 103.2mn.

· Stocks that contributed significantly to the volumes include WTL, HASCOL, KEL, BYCO and TPL, which formed 36% of total volumes.

· Stocks that contributed positively to the index include HUBC (+27pts), SNGP (+12pts), EFERT (+11pts), SCBPL (+10pts) and BAFL (+9pts). Stocks that contributed negatively include LUCK (-39pts), PAKT (-21pts), ENGRO (-17pts), HBL (-17pts) and PPL (-15pts).


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