PSX index ups today because of good corporate results

· Market went up by 645pts during the session and closed the session +459pts on account of a host of corporate result announcements scheduled for today. Although the results of key companies posted healthy growth, the pertinent stock prices did not respond in the same fashion. Among the key results announced at the bourse today were HBL, ISL, ASL, MEBL however, the price performance remained muted. ASL on the other hand went down post announcement due to selling pressure. Govt.’s resolution of the law and order situation regarding TLP somewhat allayed Investors fear. Technology stocks, particular TELE and TRG helped change the sentiment tide early on, when TRG announced material information regarding one of its subsidiaries, which resulted in the scrip showing bids at upper circuit in the pre-open session. Among scrips, WTL led the table with 56.6M shares, followed by UNITY (30.6M) and GGL (24.6M).

· The Index closed at 45,400pts as against 44,914pts showing an increase of 486pts (+1.1% DoD). Sectors contributing to the performance include Technology (+121pts), Banks (+78pts), Cement (+37pts), Fertilizer (+35pts) and Textile (+26pts).

· Volumes dipped from 363mn shares to 343.3mn shares (-6% DoD). Average traded value however, increased by 10% to reach US$ 92.9mn as against US$ 84mn.

· Stocks that contributed significantly to the volumes include WTL, UNITY, GGL, TRG and TELE, which formed 42% of total volumes.

· Stocks that contributed positively to the index include TRG (+124pts), HBL (+36pts), UNITY (+25pts), LUCK (+21pts) and COLG (+20pts). Stocks that contributed negatively include MARI (-12pts), EPCL (-11pts), MCB (-7pts), POL (-6pts) and NRL (-3pts).

Posted in Article & Features.

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