PSX gains 52 pts today

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Market traded range bound today between +177pts and -253pts, closing the session +52pts (unadjusted). International crude oil prices (+3.5%) helped E&P sector to post hefty price gains, however, market’s fear of unknown that emanates from developing political wrangling between the Opposition and the Incumbent Govt. kept the increase in Index in check. Cement Sector stocks saw selling pressure on the expectation of decline in monthly dispatches based on the first week of November. Fertilizer, O&GMCs and Banking sector stocks remained subdued due to somber investor sentiment. Overall volumes also dropped over the day due to investor sentiment. Among scrips, BIPL topped the volumes with 31.5M shares, followed by TRG (25M) and KEL (16.3M).

· The Index closed at 41,197pts as against 41,153pts showing an increase of 44pts (+0.1% DoD). Sectors contributing to the performance include E&P (+130pts), Banks (+35pts), Technology (+22pts), Cement (-62pts) and Power (-11pts).

· Volumes declined from 355.9mn shares to 244.3mn shares (-31% DoD). Average traded value also declined by 43% to reach US$ 54.6mn as against US$ 95.5mn.

· Stocks that contributed significantly to the volumes include BIPL, TRG, KEL, ASC and POWER, which formed 42% of total volumes.

· Stocks that contributed positively to the index include OGDC (+55pts), PPL (+37pts), HBL (+36pts), POL (+25pts) and TRG (+16pts). Stocks that contributed negatively include LUCK (-25pts), ENGRO (-17pts), MLCF (-9pts), CHCC (-8pts) and KEL (-8pts).


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