· A negative session was witnessed at PSX today. The index opened with positive numbers but sentiments quickly shifted in support of Bears as the market proceeded to trade in a red zone during most of the trading session. An anticipated rate hike in the upcoming monetary policy and political instability drove the index down to hit an intraday low of -347.77 points as investors’ chose to remain cautious while trading and kept on hunting for value stocks with high dividend yield, whereas decent volumes were observed across the board
· The index closed at 40,510.37 pts, down by 273.76pts (-0.67% DoD). Sectors contributing to the performance include E&P’s (-150.1pts), Technology & Communication (-93.8pts), OMCs (-42.1pts), Cement (-26.5pts), and Chemical (-11.9pts).
· Volumes decreased from 158.1mn shares to 126.3mn shares (-20.1% DoD). The average traded value also decreased by 1.8% to USD 21.6mn as against USD 22.0mn.
· Stocks that contributed significantly to the volumes are WTL, OGDC, TPLP, HUBC, & TRG.
Courtesy – AHL