PSX index records persistent selling pressure today

· Market tumbled again today with a drop of 365pts during the session and closing -257pts (unadjusted). Refineries, O&GMCs, Cement, Engineering, Banks, Fertilizer and Technology stocks saw persistent selling pressure despite budget incentives announced last Friday. E&P companies were relatively unscathed on the back of stable oil prices, which hovered around US$ 74/bbl. Among scrips, WTL topped the volumes with 243mn shares, followed by SILK (187.6M) and KEL (57.4M).

· The Index closed at 48,158pts as against 48,481pts showing a decline of 323pts (-0.7% DoD). Sectors contributing to the performance include Banks (-62pts), Power (-44pts), O&GMCs (-34pts), Technology (-29pts) and Refinery (-28pts).

· Volumes increased from 936.6mn shares to 1117.4mn shares (+19% DoD). Average traded value declined by 13% to reach US$ 125.1mn as against US$ 142.9mn.

· Stocks that contributed significantly to the volumes include WTL, SILK, KEL, BYCO and HUMNL, which formed 50% of total volumes.

· Stocks that contributed positively to the index include POL (+14pts), OGDC (+10pts), PSX (+10pts), FCEPL (+9pts) and LUCK (+6pts). Stocks that contributed negatively include HUBC (-31pts), TRG (-28pts), HBL (-26pts), UNITY (-24pts) and PSEL (-15pts).

Sharing is caring

Leave a Reply