PSX market took negative turn today

Market took negative turn today by dipping down 414pts during the day and closed -366pts (unadjusted). MoC saw selling pressure building up in Banks and Cements, for reasons that next week is roll-over, government has imposed smart lock down in areas where Corona incidence is on the increase and SBP is due to announce monetary policy on Monday eve. E&P stocks bit the dust as well, although international crude oil prices were up and trading positive. Among scrips, UNITY topped the volumes with 39.7M shares, followed by TRG (14.2M) and MLCF (10.1M).

· The Index closed at 40,187pts as against 40,541pts showing a decline of 354pts (-0.9% DoD). Sectors contributing to the performance include Banks (-91pts), Cement (-63pts), Inv Banks (-52pts), Technology (-38pts) and O&GMCs (-30pts).

· Volumes increased to 189.9mn shares as against 188.5mn shares (+0% DoD). Average traded value however declined by 4% to reach US$ 47.1mn as against US$ 50mn (-6% DoD).

· Stocks that contributed significantly to the volumes include UNITY, TRG, MLCF, EPCL and WTL, which formed 41% of total volumes.

· Stocks that contributed positively to the index include ILP (+7pts), MTL (+5pts), UNITY (+4pts), NML (+4pts) and PMPK (+4pts). Stocks that contributed negatively include DAWH (-51pts), UBL (-29pts), LUCK (-26pts), TRG (-23pts) and BAFL (-18pts).


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