PSX market continued to remain in the bearish zone due to concerns over economic outlook

· Market continued to remain in the bearish zone due to concerns over economic outlook, further devaluation of Pak rupee and hawkish stance in the upcoming monetary policy. Activity remained dull. In the first session, market opened on a bleak note and mostly cyclical stocks came under the knife whereas in the second session across the board selling was witnessed due to lack of any positive trigger. Moving forward, we expect the market to remain volatile and recommend cautious approach.

· The Index closed at 43,396pts as against 43,519pts showing a decrease of 123.1pts (-0.28% DoD). Sectors contributing to the performance include E&P (-37pts), Technology & Communication (-33pts), Commercial Banks (-33pts), Textile Composite (-17pts) and Power (-15pts).

· Volumes decreased from 200.5mn shares to 179.2mn shares (-10.6% DoD). Traded value also decreased by 23.1% to reach US$ 37.9mn as against US$ 49.3mn.

· Stocks that contributed significantly to the volumes included TRG, TELE, HASCOL, PPL, WTL, OGDC and BYCO.

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Posted in PSX.

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