PSX : concerns arise over psychological level of 46,000

· Market stayed range-bound today as sustainability concerns arise over psychological level of 46,000. Cement sector stayed under pressure due to higher international coal prices. PSO stayed under pressure due to zero payout (cash dividend or bonus) in the financial result. Index level of 46,000 was unable to digest by the investors as profit taking was observed across the board in the last trading hour. Main board activity remained gloomy. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

· The Index closed at 46,079.37pts as against 45,940.04pts showing an increase of 139.33pts (+0.30% DoD). Sectors contributing to the performance include Banks (+121.6pts), Misc (+26.8pts), Automobile (+21.3pts), Cement (+18.0pts) and Technology (+17.7pts).

· Volumes decreased from 286.0mn shares to 170.6mn shares (-40.3% DoD). Traded value also decreased by 16.7% to reach US$ 44.2mn as against US$ 53.1mn.

· Stocks that contributed significantly to the volumes include KEL, WTL, TRG, TELE and TPLP.

Courtesy – AHL

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