PSX Market sees continuation of selling pressure

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Market saw continuation of selling pressure for a host of reasons from political uncertainty to spread of Corona cases (with the latest affectee being President Trump himself). The index lost a total of 771pts during the session and closed the session -606pts. International crude oil prices dropped significantly, especially after announcement of President Trump’s being tested positive for Corona. This caused selling in local E&P stocks, OGDC, PPL and POL. At the same time, redemptions in Mutual Funds prompted institutional sell-off as well. Volumes remained heavily tilted in favour of O&GMCs, particularly HASCOL, however, the stock price saw lower circuit among other tech stocks that saw sky high prices in the previous run-up. HASCOL topped the volumes with 52.6M shares, followed by KEL (35.1M) and TRG (24.6M).

· The Index closed at 40,070pts as against 40,677pts showing a decline of 606pts (-1.5% DoD). Sectors contributing to the performance include E&P (-135pts), O&GMCs (-78pts), Banks (-71pts), Cement (-57pts) and Technology (-55pts).

· Volumes declined further from 371.8mn shares to 348.6mn shares (-6% DoD). Average traded value also declined by 0.6% to reach US$ 75.6mn as against US$ 76mn.

· Stocks that contributed significantly to the volumes include HASCOL, KEL, TRG, UNITY and PIBTL, which formed 44% of total volumes.

· Stocks that contributed positively to the index include HUBC (+16pts), BAHL (+16pts), ILP (+4pts), HCAR (+4pts) and AGIL (+3pts). Stocks that contributed negatively include PPL (-51pts), OGDC (-45pts), TRG (-36pts), POL (-33pts) and PSO (-30pts).

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