PSX continues to move upward

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Market continued the momentum picked in the last trading session and added a total of 562pts during the session, closing the session +551pts (unadjusted). E&P, O&GMCs, Banks and Cement sector stocks contributed to the buying activity on the back of upcoming earnings season. HASCOL’s financial results saw the stock rebound from trading below LDCP to trading near upper circuit post announcement of financial results. Among Banks, BOP continued seeing negative impact of the Treasury Single Account (TSA) direction given by SBP yesterday and the stock saw negative closing from LDCP. Among scrips, HASCOL topped the volumes with 107.2mn shares, followed by UNITY (56.3M) and TRG (20.6M).

· The Index closed at 40,354pts as against 39,850pts showing an increase of 504pts (+1.3% DoD). Sectors contributing to the performance include E&P (+123pts), Cement (+82pts), O&GMCs (+73pts), Banks (+70pts) and +68pts).

· Volumes increased further from 431.9mn shares to 475.9mn shares (+10% DoD). Average traded value also increased by 16% to reach US$ 95.9mn as against US$ 82.5mn.

· Stocks that contributed significantly to the volumes include HASCOL, UNITY, TRG, MLCF and BOP, which formed 47% of total volumes.

· Stocks that contributed positively to the index include OGDC (+62pts), PSO (+46pts), PPL (+33pts), POL (+29pts) and HBL (+28pts). Stocks that contributed negatively include BAHL (-20pts), BAFL (-6pts), THALL (-5pts), PSX (-5pts) and DGKC (-5pts). (AHL)

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