PSX added another 750pts in index

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Market followed the momentum shown yesterday, and added another 750pts during the session, closing +587pts (unadjusted). The index was again led by E&P stocks in the beginning, but following the dip in international crude oil prices during the active session, E&P stocks also saw a reversion. Cement sector stocks rebounded well with PIOC and MLCF hitting upper circuits. After a lull, observed in past week or so, Cement sector performed well today with considerably high volumes. Banking sector stocks remained range bound and did not show any excitement, be it price or volume. Overall volumes grew further to 388M shares as compared to below 200M volumes in past several sessions. Among scrips, UNITY topped the volumes with 49.9M shares, followed by TRG (33.2M) and MLCF (29.6M).

· The Index closed at 41,031pts as against 40,377pts showing an increase of +654pts (+1.6% DOD). Sectors contributing to the performance include Cement (+150pts), E&P (+89pts), Banks (+65pts), Technology (+50pts) and Power (+42pts).

· Volumes increased from 241.9 shares to 389.2mn shares (+61% DoD). Average traded value also increased by 63% to reach US$ 100.6mn as against US$ 61.7mn.

· Stocks that contributed significantly to the volumes include UNITY, TRG, MLCF, HUMNL and PIBTL, which formed 38% of total volumes.

· Stocks that contributed positively to the index include LUCK (+38pts), TRG (+32pts), PPL (+32pts), HUBC (+32pts) and MLCF (+30pts). Stocks that contributed negatively include DAWH (-5pts), SCBPL (-3pts), PMPK (-2pts), UBL (-2pts) and ICI (-2pts).

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