Bearish momentum was witnessed at PSX today due to alarming Covid-19 cases

·        Bearish momentum was witnessed today due to alarming Covid-19 cases and higher international oil prices. Market opened on a bleak note and stayed in the red zone throughout the day. Main board activity remained gloomy. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. In the last trading hour, across the board buying was observed as short-sellers jumped in to square-off positions.

·        The Index closed at 44,825.97pts as against 44,833.43pts showing a decrease of 7.5pts (-0.02% DoD). Sectors contributing to the performance include Technology (-83.1pts), Fertilizer (-22.8pts), Inv. Banks (-17.8pts), Commercial Banks (-9.5pts) and Automobile Assembler (-6.5pts).

·        Volumes increased from 236.9mn shares to 254.2mn shares (+7.3% DoD). Traded value decreased by -10.7% to reach US$ 43.8mn as against US$ 49.1mn.

·        Stocks that contributed significantly to the volumes include WTL, CNERGY, GGL, TELE and KEL.

Courtesy – AHL

Posted in Article & Features.

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