Pakistan Stock market tumbled today mainly as a result of redemptions at mutual funds’ end

· Market tumbled today mainly as a result of redemptions at mutual funds’ end. On the other hand, negative news triggers on slippage of PKR parity with USD, US State Secretary’s hint on revisiting US – Pakistan relations and pending IMF review had bearing on the Index. Selling was observed across the board with Technology, E&P, Cement and Steel sectors leading the downside on Index. Financial results announced today also failed to impress the investors. Refinery sector faced the onslaught with failure in approval of Refinery Policy as reported in Newspapers, especially BYCO. Among scrips, BYCO led the volumes with 71.6M shares, followed by TELE (51.2M) and WTL (25.3M).

· The Index closed at 46,891pts as against 47,270pts showing a decline of 379pts (-0.8% DoD). Sectors contributing to the performance include Cement (-96pts), Refinery (-52pts), E&P (-45pts), Technology (-39pts) and O&GMCs (-28pts).

· Volumes increased from 395.8mn shares to 479.8mn shares (+21% DoD). Average traded value, on the other hand, declined by 7% to reach US$ 89.0mn as against US$ 95.8mn.

· Stocks that contributed significantly to the volumes include BYCO, TELE, WTL, ANL and HUMNL, which formed 40% of total volumes.

· Stocks that contributed positively to the index include HBL (+36pts), HMB (+22pts), FFC (+9pts), DCR (+6pts) and PKGS (+5pts). Stocks that contributed negatively include LUCK (-44pts), TRG (-24pts), OGDC (-23pts), DGKC (-19pts) and BYCO (-18pts).

Courtesy – AHL

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