PSX index moves both sides today

·        Market posted gains of 163pts earlier in the session, but faced the onslaught sooner which caused the erosion of these gains and netting a loss of 732pts during the session. Leveraged positions mostly got thrashing, however, resumption of PKR slippage was another reason cited for the panic selling in market. Nonetheless, selling subsided by the end of session and MoC saw aggressive buying activity that resulted in Index closing -75pts (unadjusted). Volumes remained thin compared with the activity in recent times, where ample volumes were witnessed in blue chips. Fertilizer, E&P, O&GMCs, Cement stocks saw quick paced buying by the end of session that helped the index pull back. Among scrips, UNITY topped the volumes with 34.4M shares, followed by WTL (32.6M) and BYCO (31.9M).

·        The Index closed at 44,817pts as against 45,074pts showing a decline of 256pts (-0.6% DoD). Sectors contributing to the performance include Banks (-101pts), Refeinery (-34pts), Paper and Board (-25pts), Inv Banks (-23pts) and Pharma (-20pts).

·        Volumes declined from 369.5mn shares to 301.4mn shares (-19% DoD). Average traded value also declined by 5% to reach US$ 65.9mn as against US$ 69.5mn.

·        Stocks that contributed significantly to the volumes include UNITY, WTL, BYCO, HUMNL and BAFL, which formed 40% of total volumes.

·        Stocks that contributed positively to the index include SYS (+50pts), FFC (+18pts), MTL (+8pts), KTML (+7pts) and EPCL (+7pts). Stocks that contributed negatively include TRG (-51pts), HBL (-51pts), MEBL (-29pts), UBL (-18pts) and PSO (-16pts).

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