· After two gloomy sessions, the Bulls returned to the PSX. The market opened in the green and has remained in that range as investors choose to cherry picking selective equities at appealing levels in search of value to add to their portfolios. Following the governor of the SBP’s much-needed clarification on the LCs issue, investor involvement grew dramatically, resulting in the index making an intraday high of 603.76 points. Mainboard volumes remained healthy.
· The index closed at 38,791.09 pts, up by 448.88 pts (+1.17% DoD). Sectors contributing to the performance include Technology & Communication (+165.4pts), Fertilizer (+100.3pts), E&P’s (+84.1pts), Power Generation & Distribution (+44.9pts), and Commercial Banks (+38.6pts).
· Volumes decreased from 205.9mn shares to 153.1mn shares (-25.7% DoD). The average traded value also decreased by 25.4% to USD 21.9mn as against USD 29.3mn.
· Stocks that contributed significantly to the volumes are WTL, KEL, TRG, HASCOL and PPL.
Courtesy – AHL