PSX sheds 204pts today

· Last day of the rollover week saw market shedding 289pts during the session and closing the index -238pts (unadjusted). Confirmation of amendment to the Income tax ordinance to take effect of withdrawal of Rs. 140B tax exemptions had bearing on Steel, Cement, Fertilizer, O&GMCs whereas banking sector stocks also went down due to overall selling pressure. Key subjects of roll-over NETSOL, TRG also ended on a negative note with the exception of ATRL, which traded positively throughout the session. Among scrips, BYCO topped the volumes with 83.1M shares, followed by PRL (56.2M) and PTC (39.5M).

· The Index closed at 45,521pts as against 45,726pts showing a decline of 204pts (-0.4% DoD). Sectors contributing to the performance include Banks (-93pts), Cement (-72pts, E&P (-46pts), O&GMCs (-15pts), Refinery (+26pts).

· Volumes increased from 470.4mn shares to 529.2mn shares (+12% DoD). Average traded value, on the other hand, declined by 3% to reach US$ 162.9mn as against US$ 167mn.

· Stocks that contributed significantly to the volumes include BYCO, PRL, PTC, UNITY and TRG, which formed 47% of total volumes.

· Stocks that contributed positively to the index include ANL (+21pts), ATRL (+19pts), MEBL (+18pts), HMB (+15pts) and INDU (+12pts). Stocks that contributed negatively include HBL (-54pts), BAHL (-25pts), PSO (-24pts), UBL (-22pts) and LUCK (-22pts).

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