E&P sector saw heavy selling pressure:PSX

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First day of the rollover week met the vengeance of international crude oil prices, which fell by more than 5% during the trading hours today (due to lock-down fears in the developed countries). Scrips that are the subject of rollover largely performed well as against the main board. E&P sector saw heavy selling pressure, followed by Bank and Cement sectors primarily due to profit booking as was observed on Friday when the Index virtually touched base with 44K level. Among scrips, WTL topped the volumes with 36.5M shares, followed by TRG (35.1M) and ICIBL (30.9M).

· The Index closed at 43,334pts as against 43,741pts showing a decline of 407pts (-0.9% DoD). Sectors contributing to the performance include E&P (-178ps), Banks (-92pts), Cement (-45pts), Fertilizer (-36pts) and Autos (-23pts).

· Volumes increased from 482.6mn shares to 516.3mn shares (+7% DoD). Average traded value however, declined by 5% to reach US$ 139.7mn as against US$ 147.6mn.

· Stocks that contributed significantly to the volumes include WTL, TRG, ICIBL, PRL and PAEL, which formed 28% of total volumes.

· Stocks that contributed positively to the index include PAKT (+14pts), SRVI (+14pts), FFC (+9pts), TRG (+9pts) and KTML (+8pts). Stocks that contributed negatively include OGDC (-69pts), PPL (-60pts), HBL (-33pts), ENGRO (-32pts) and POL (-31pts).


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