Finance Minister postponing the visit to the USA dented PSX today.

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· Weekend closed in Red; PSX 100 index opened positive but couldn’t sustain the green belt after the news flash regarding the Finance Minister postponing the visit to the USA for negotiations with IMF ignited the negativity in the market, and the index stumbled down by 301.2 points to close the week in Red. Mainboard volumes continue to remain sluggish, whereas 3rd tier stock led the board.

· The index closed at 40,049.65 pts, down by 301.24pts (-0.75% DoD). Sectors contributing to the performance include E&P’s (-96.7pts), Fertilizer (-56.7pts), Technology & Communication (-29.8pts), Cement (-26.6pts), and Power Generation & Distribution (-24.3pts).

· Volumes decreased from 171.4mn shares to 135.1mn shares (-21.1% DoD). The average traded value also decreased by -37.6% to USD 11.3mn against USD 18.0mn.

· The stocks that contributed significantly to the volumes are JSBL, WTL, SILK, TOMCL and TELE.

Courtesy- AHL

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