The PSX index stayed in the green zone today as the Current Account Deficit (CAD) shrinks 78pc

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The index stayed in the green zone today as the Current Account Deficit (CAD) shrinks 78pc in February. Moreover, The Federal and Provincial Government of Balochistan have signed a new agreement with Barrick Gold Corporation of Canada for extraction of gold and copper reserves from Reko Diq with an investment of US$10 billion. In the E&P sector, OGDC and PPL stayed in the limelight as Federal Government’s 25 per cent shareholding will be divided equally amongst three state-owned-entities (SOEs) – Oil & Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Government Holdings Pakistan Limited (GHPL). Mainboard activity remained dull. On the flip-side, activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.

The Index closed at 43,230.22pts as against 43,029.97pts showing an increase of 200.25pts (+0.47% DoD). Sectors contributing to the performance include Fertilizer (+58.6pts), Cement (+37.8pts), E&P (+24.4pts), Banks (+21.0pts) and Inv Banks (+17.2pts).

Volumes decreased from 180.4mn shares to 124.9mn shares (-30.8% DoD). Traded value also decreased by 38.4% to reach US$ 21.7mn as against US$ 35.3mn.

Stocks that contributed significantly to the volumes include SMBL, HUMNL, WTL, TREET and EFERT.

Courtesy- AHL

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