PSX market closed in the green zone today

·        Market closed in the green zone today as trade deficit declined to USD 4.1bn during Dec 2021 and recovery in Pak rupee against dollar over last week. Market opened with low volumes but rally in cement stocks was initiated as international coal prices dropped for the third consecutive session. CPI for the month of Dec 2021 clocked in at 12.28% YoY, highest inflation in 22 months. In the last trading hour, across the board buying was witnessed mainly in cyclical stocks. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

·        The Index closed at 44,886.9pts as against 44,996.1pts showing an increase of 290.8pts (+0.65% DoD). Sectors contributing to the performance include Fertilizer (+58pts), Cement (+54pts), Technology (+50pts), Engineering (+39pts) and Banks (+33pts).

·        Volumes decreased from 317.6mn shares to 195.2mn shares (-38.6% DoD). Traded value also decreased by 39.8% to reach US$ 36.9mn as against US$ 61.4mn.

·        Stocks that contributed significantly to the volumes include PIBTL, TPLP, GGL, FNEL and CNERGY.

Courtesy- AHL

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