Bearish session has been recorded at the PSX today

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·        Bearish session has been recorded at the PSX today. The market opened in the green zone, but within initial trading hours, the bears took charge from the bulls, and the market nosedived; a negative session continued throughout the day due to news of redemptions and rollover week square-ups that caused the index to drop 775.40 points intraday to close in the red zone. However, decent volumes were observed across the board, while third-tier companies remained the volume leaders.

·        The index closed at 39,279.43 pts, down by 523.48 pts (-1.32% DoD). Sectors contributing to the performance include Technology & Communication (-138.9pts), Commercial Banks (-114.4pts), Fertilizer (-93.8pts), Chemical (-36.2pts), and E&P’s (-33.3pts).

·        Volumes increased from 153.7mn shares to 258.5mn shares (+68.1% DoD). The average traded value also increased by 53.5% to USD 37.6mn as against USD 24.5mn.

·        Stocks that contributed significantly to the volumes are BAFL, WTL, KEL, DFML, & PRL.

Courtesy – AHL

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