PSX index sees selling pressure today

· Market turned negative today which was a reflection of political uncertainty created by the rifts between the senior members of the ruling party. The index bore regression of 369pts during the session and realized a pull back, ending the session -300pts. Cement, O&GMCs, Banks, Refinery, Steel sector stocks saw selling pressure. However, the sentiment turned particularly negative due to persistent selling in Technology stocks. Among scrips, KEL led the table with 65.4M shares, followed by UNITY (56.9M) and HASCOL (44.1M).

· The Index closed at 45,682pts as against 45,982pts showing a decline of 300pts (-0.7% DoD). Sectors contributing to the performance include Technology (-83pts), Cement (-72pts), Banks (-53pts), Textile (-29pts) and O&GMCs (-24pts).

· Volumes increased from 536.8mn shares to 578.3mn shares (+8% DoD). Average traded value also declined from US$ 150.8mn to US$ 135.7mn.

· Stocks that contributed significantly to the volumes include KEL, UNITY, HASCOL, WTL and TELE, which formed 41% of total volumes.

· Stocks that contributed positively to the index include MARI (+16pts), HASCOL (+14pts), KEL (+14pts), OGDC (+13pts) and ENGRO (+10pts). Stocks that contributed negatively include TRG (-70pts), LUCK (-24pts), HBL (-23pts), PSO (-22pts) and HUBC (-22pts).

Posted in Article & Features.

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