PSX index falls today

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Market opened on a positive note today and added 145pts on the board, before collapsing under the selling pressure from E&P, Banks and Cement sector stocks. International crude oil prices remained subdued after yesterday’s blow and caused selling pressure in E&P stocks. Similarly, foreign investors have been spring cleaning their holdings in banking sector, before the close of Calendar year, which has played a significant role in bringing the index as compared to the general ‘ill-founded’ notion of rollover week pressure. WTL snatched the top slot in trading volumes by posting 70.7M, followed by ICIBL (30.8M) and TRG (23.6M).

· The Index closed at 42,889pts as against 43,334pts showing a decline of 445pts (-1% DoD). Sectors contributing to the performance include Banks (-102pts), E&P (-54pts), Cement (-38pts), Technology (-35pts) and Autos (-31pts).

· Volumes increased from 516.4mn shares to 561.9mn shares (+9% DoD). Average traded value maintained the level at US$ 140.9mn as against US$ 140.3mn (+0.4% DoD).

· Stocks that contributed significantly to the volumes include WTL, ICIBL, TRG, TELE and PRL, which formed 30% of total volumes.

· Stocks that contributed positively to the index include GHGL (+12pts), FFC (+10pts), SHEL (+9pts), ILP (+7pts) and KTML (+6pts). Stocks that contributed negatively include TRG (-40pts), PPL (-32pts), UBL (-25pts), MCB (-23pts) and ENGRO (-23pts).

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