PSX: In the second session, profit taking was witnessed

· Positive momentum was witnessed just after the opening bell of the market as cement sector led the rally due to rumors of price hike in the upcoming week. Cement and banking stocks contributed the most in the bull-run. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. Overnight fuel price increase by the Government concerned the investors towards inflationary pressure. In the second session, profit taking was witnessed across the board mainly led by technology sector.

· The Index closed at 47,296 pts as against 47,219 pts showing an increase of 76.6 pts (+0.2% DoD). Sectors contributing to the performance include Banks (+83pts), Cements (+45pts), Fertilizer (+13pts), E&P (+9pts) and Miscellaneous (+9pts).

· Volumes decreased from 561.9mn shares to 469.9mn shares (-16.4% DoD). Average traded value also decreased by 0.4% to reach US$ 93.8mn as against US$ 94.17mn.

· Stocks that contributed significantly to the volumes include WTL, GGL, TELE, FNEL and HASCOL.

Courtesy – AHL

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