PSX Market traded range bound today

Market traded range bound after a gradual yet sketchy run up from ~39500 level till now, which has resulted in an addition of 2500pts however, Investors still seem perplexed for reasons of rising cases of Corona and potential negative impact of lock down. International crude prices also traded direction less for want of an impending decision by OPEC+ regarding crude output. Resultantly, E&P stocks also traded range bound without much excitement. Cement and Steel sectors saw cautious buying activity, however, selling pressure kept the increase in prices in check. Among scrips, TRG led the table with 35.2M shares, followed by MLCF (30.9M) and ASL (29.6M).

· The Index closed at 42,047pts against 42,027pts showing an increase of 20pts. Sectors contributing to the performance include Power (-7pts), Pharma (-4pts), E&P (-2pts), Autos (+8pts), Cement (+7pts) and Fertilizer (+5pts).

· Volumes declined from 476.8mn shares to 420mn shares (-12% DoD). Average traded value also dipped by 12% to reach US$ 112.5mn as against US$ 127.4mn.

· Stocks that contributed significantly to the volumes include TRG, MLCF, ASL, HASCOL and PRL, which formed 36% of total volumes.

· Stocks that contributed positively to the index include SYS (+27pts), LUCK (+17pts), MCB (+15pts), FFC (+15pts) and PSO (+12pts). Stocks that contributed negatively include TRG (-12pts), MTL (-12pts), SEARL (-11pts), HBL (-8pts) and COLG (-7pts).

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