PSX index remains range bond today

· Market traded in a narrow range today between +136pts and -136pts, closing the session -46pts (unadjusted). Total traded volumes maintained a plateau with a general disinterest by investors disregarding the overnight increase in international crude oil prices and upcoming financial results due to be announced from April 20th. Although E&P stocks reacted to the increase in international crude, the price-performance remained muted.

Cement and Steel sectors, which performed in the recent sessions, saw profit booking. Technology stocks also bore selling pressure, except for TELE that hit the upper circuit today. Among scrips, TELE topped the volumes with 73.5M shares, followed by WTL (64.7M) and HUMNL (17.3M).

· The Index closed at 45,230pts as against 45,311pts showing decline of 81pts (-0.2% DoD). Sectors contributing to the performance include Cement (-36pts), Banks (-33pts), Technology (-19pts), Power (-11pts), Fertilizer (+22pts) and E&P (+15pts).

· Volumes increased from 341.8mn shares to 347.7mn shares (+2% DoD). The average traded value, on the contrary, declined by 24% to reach US$ 82.5mn as against US$ 108.5mn.

· Stocks that contributed significantly to the volumes include TELE, WTL, HUMNL, GGL and TRG, which formed 52% of total volumes.

· Stocks that contributed positively to the index include OGDC (+18pts), FFC (+13pts), ENGRO (+9pts), PAKT (+7pts) and CHCC (+7pts). Stocks that contributed negatively include TRG (-18pts), LUCK (-17pts), BAHL (-15pts), HBL (-14pts) and JLICL (-8pts).

Courtesy – AHL

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