Pakistan stocks take correction today

· Market traded range bound today on account of profit booking particularly in refinery, steel, cement and E&P sectors. Index oscillated between -215pts and +115pts, closing the session -94pts. Technology sector failed to bounce back in the past sessions and similar downtrend was witnessed today. E&P sector saw prominence of OGDC on the back of anticipated dividend payout, whereas Fertilizer sector remained under pressure after less than anticipated takeaways from the recently announced budget. Among scrips, KEL topped the volumes with 312.9M shares, followed by WTL (147.6M) and BYCO (129.3M).

· The Index closed at 48,633pts as against 48,726pts (-94pts). Sectors contributing to the performance include Power (+80pts), Chemical (+12pts), Banks (-46pts), E&P (-45pts), Refinery (-24pts).

· Volumes increased from 1217.8mn shares to 1224.6mn shares (+0.5% DoD). Average traded value declined by 34% to reach US$ 180.7mn as against US$ 274.4mn.

· Stocks that contributed significantly to the volumes include KEL, WTL, BYCO, HASCOL and POWER, which formed 55% of total volumes.

· Stocks that contributed positively to the index include HUBC (+52pts), KEL (+29pts), TRG (+28pts), FFC (+18pts) and PSO (+11pts). Stocks that contributed negatively include PPL (-32pts), LUCK (-21pts), SYS (-18pts), ENGRO (-17pts) and EFERT (-15pts).

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