PSX Market continued to remain range-bound today

·        Market continued to remain range-bound today as inflationary concerns heated up among investors after the statement came from Adviser to the Prime Minister on Finance that IMF has asked Government to further hike levy on petroleum products. Textile sector remained under pressure as Ministry of Energy (Petroleum Division) had already moved a summary to the federal cabinet for ending subsidized gas supply to the industrial sector including captive power plants immediately.  Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. On the flip-side, Institutional activity stayed lackluster. In the last trading hour, profit taking was witnessed across the board mainly led by technology sector.

·        The Index closed at 47,115 pts as against 47,296 pts showing a decrease of 180.8 pts (-0.4% DoD). Sectors contributing to the performance include Technology (-45pts), E&P (-28pts), Banks (-26pts), Pharma (-20pts) and Engineering (-19pts).

·        Volumes decreased from 469.9mn shares to 364.9mn shares (-22.3% DoD). Average traded value also decreased by 19.8% to reach US$ 75.0mn as against US$ 93.5mn.

·        Stocks that contributed significantly to the volumes include HUMNL, TELE, FNEL, GGL and WTL.

Courtesy – AHL

Posted in Article & Features.

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