Pakistan Stocks take little correction today: AHL

The Market bore selling pressure due to selling activity in Cement, Steel, E&P and Banks. OMCs and Refinery sectors performed well today, where ATRL and HASCOL hit upper circuit and NRL traded near upper circuit. Though international crude prices were positive, local E&P companies saw selling pressure due to foreign selling. Tech stocks took a breather today, which were otherwise rallying unabated, and saw TRG hitting lower circuit on the back of post IPO listing of its related party Ibex. Technology sector topped the volumes with 77.9M shares, followed by O&GMCs (77.7M) and Cement (37.2M). Among scrips, UNITYR2 led the volumes with 81.6M, followed by HASCOL (65.3M) and WTL (35.8M).

· The Index closed at 39,915pts as against 40,030pts showing a decline of 115pts (-0.3% DoD). Sectors contributing to the performance include O&GMCs (+31pts), Power (+28pts), Textile (+25pts), Refinery (+13pts), Technology (-48pts), Cement (-45pts), E&P (-40pts), Banks (-24pts) and Insurance (-24pts).

· Volumes dropped from 728.8mn to 576.5mn shares (-21% DoD). Average traded value also declined by 24% to reach US$ 104.2mn as against US$ 136.6mn.

· Stocks that contributed significantly to the volumes include UNITYR2, HASCOL, WTL, POWER and TRG, which formed 31% of total volumes.

· Stocks that contributed positively to the index include MTL (+23pts), HUBC (+20pts), KTML (+16pts), KAPCO (+14pts) and PSO (+13pts). Stocks that contributed negatively include TRG (-41pts), MCB (-19pts), HCAR (-18pts), POL (-16pts) and DAWH (-16pts).

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