Investors resorted to profit booking in PSX today

· A clear signal of concluding IMF review and resumption of IMF Package by Shaukat Tarin swayed the index to add a total of 665pts during the session, which has cumulatively added ~3000pts since the near term bottom of 43200pts. Bank and E&P stocks contributed the most, whereas selling pressure was witnessed in Technology and Cyclicals (Cement and Steel) sectors. After making an intra-day high, Investors resorted to profit booking that brought the net gains to reach 310pts at the end of session (unadjusted). Anticipation of interest rate hike by SBP in the coming monetary policy helped the banking sector stocks to stage a rally, and E&P stocks inched up on the prospects of US$100/bbl for international crude oil price. Among scrips, BOP topped the volumes with 25.5M shares, followed by TELE (24.2M) and HUMNL (23.8M).

· The Index closed at 45,821pts as against 45,500pts showing an increase of 322pts (+0.7% DoD). Sectors contributing to the performance include Banks (+220pts), E&P (+97pts), Fertilizer (+80pts), Cement (+31pts) and Chemical (+29pts).

· Volumes increased from 308.1mn shares to 338.3mn shares (+10% DoD). Average traded value also increased by 29% to reach US$ 76.8mn as against US$ 59.7mn.

· Stocks that contributed significantly to the volumes include BOP, TELE, HUMNL, WTL and UNITY, which formed 34% of total volumes.

Courtesy – AHL

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