PSX index sees selling pressure due to Covid -19 today

· Market traded in a narrow range today between -174pts and +227pts, closing the session -35pts (unadjusted). Investors already appeared somewhat despondent of the financial results and indifference of pertinent stocks to those results, NCOC’s hint towards lock down of major cities added fuel to fire. Selling pressure ensued that brought the index down, eroding the gains earlier made in the session.

O&GMCs, E&P, Cement and Steel sector stocks bore the brunt and waning investor confidence had its bearing on technology stocks as well. Among volume leaders, TRG led the table with 46.7M shares, followed by WTL (42.8M) and UNITY (37.5M).

· The Index closed at 45,307pts as against 45,400pts showing a decline of 93pts (-0.2% DoD). Sectors contributing to the performance include Technology (+72pts), Banks (+59pts), Fertilizer (+18pts), Cement (76pts), E&P (-45pts), and Engineering (-24pts).

· Volumes increased from 343.2mn shares to 387.9mn shares (+13% DoD). Average traded value also increased by 36% to reach US$ 126.5mn as against US$ 92.8mn.

· Stocks that contributed significantly to the volumes include TRG, WTL, UNITY, GGL and TELE, which formed 45% of total volumes.

· Stocks that contributed positively to the index include TRG (+88pts), ENGRO (+37pts), NBP (+22pts), KTML (+18pts) and EFERT (+13pts). Stocks that contributed negatively include LUCK (-28pts), FFC (-22pts), POL (-18pts), OGDC (-16pts) and ISL (-15pts).

Posted in Article & Features.

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