Delay in IMF loan hurting sentiments at PSX today.

·     To cap off the business week, the PSX recorded a negative session. The market opened in the negative zone but continued to trade both ways during the opening session, as the anticipated SLA agreement between the government and the IMF was prolonged. The second session commenced, and investors chose to book profits as the index fell to an intraday low of 423.28 points due to the current political uncertainty and the impending uncertain weekend on both the political and economic fronts. Investors’ participation remained sluggish, although dull volumes were witnessed across the board.

·     The index closed at 41,329.95pts, down by 364.1pts (-0.87% DoD). Sectors contributing to the performance include Technology & Communication (-103.7pts), Fertilizer (-71.2pts), Commercial Banks (-50.1pts), Miscellaneous (-47.9pts), and E&P’s (-36.9pts).

·     Volumes decreased from 234.7mn shares to 172.6mn shares (-26.5% DoD). The average traded value also decreased by -7.7% to USD 28.47mn as against USD 26.42mn.

·    Stocks that contributed significantly to the volumes are HBL, HASCOL, PIBTL, WTL and FFL.

Courtesy- AHL

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