PSX remains range bound today

· Market traded range bound today with an oscillation between -254pts and +290pts, ending the session -204pts (unadjusted). Federal cabinet’s decision not to import cotton yarn and sugar from India, added to the confusion amongst Investors, who warmly welcomed the hint of it yesterday. On the other hand, leverage positions in tech and refinery stocks have continually caused selling pressure in the market, whereby declining prices of pertinent stocks made the concerned investors revisit the investment decision. Selling pressure was evident in Cement, Steel, Banks, which brought the index down by the end of session. News of vaccine manufacturing by SEARL, helped the stock make a leap towards upper circuit. Similarly, ENGRO hit upper circuit on the expectation of new investment in a polypropylene plant. Among volume leaders, BYCO topped the volumes with 30.3M shares, followed by TRG (25.3M) and GGL (17.9M).

· The Index closed at 44,428pts as against 44,588pts showing a decline of 160pts (-0.4% DoD). Sectors contributing to the performance include Technology (-121pts), Cement (-64pts), Banks (-42pts), Refinery (-40pts), O&GMCs (-32pts).

· Volumes declined from 443.9mn shares to 313.5mn shares (-29% DoD). Average traded value also declined by 33% to reach US$ 113.7mn as against US$ 169mn.

· Stocks that contributed significantly to the volumes include BYCO, TRG, GGL, PTC and UNITY, which formed 34% of total volumes.

· Stocks that contributed positively to the index include ENGRO (+152pts), DAWH (+33pts), SEARL (+30pts), SRVI (+18pts) and HUBC (+16pts). Stocks that contributed negatively include TRG (-108pts), LUCK (-20pts), PSO (-19pts), ATRL (-18pts) and MEBL (-18pts).

 

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