PSX market remained under pressure due to the higher trade deficit number

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· Market remained under pressure today due to the higher trade deficit number and rising number of Covid-19’s new variant Omicron cases in Pakistan. Trade deficit year-on-year widened by a sharp 106.4 per cent to $25.478 billion which was driven largely by a nearly triple increase in imports compared to exports. Profit-taking was witnessed throughout the day mainly in the tech and cement stocks, which led the market to close in the red zone. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

· The Index closed at 45,082.3pts as against 45,407.9pts showing decrease of 325.6pts (-1.1% DoD). Sectors contributing to the performance include Technology (-116pts), Cement (-78pts), OMC (-27pts), Banks (-22pts) and Textile (-21pts).

· Volumes decreased from 432.1mn shares to 345.3mn shares (-20.1% DoD). Traded value increased by 28.7% to reach US$ 74.8mn as against US$ 58.1mn.

· Stocks that contributed significantly to the volumes include WTL, TRG, UNITYR3, TELE, and YOUW.

Courtesy – AHL

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