PSX index tumbled again on concerns over high energy and commodity prices

· Market tumbled again on concerns over high energy and commodity prices as well as prospects of further electricity tariff hikes that can lead to erosion of purchasing power and an economic contraction. Foreigners continued selling stocks unabated that brought the index down by 759pts during the session and closed the session -648pts (unadjusted). Increase in international oil prices failed to have a material impact on the stock prices of E&P stocks. Selling pressure was witnessed across the board, however, Technology, Cement, O&GMCs contributed to downward trend. Among scrips, WTL led the table with 41.3M shares, followed by TELE (13.8M) and TREET (9.4M).

· The Index closed at 43,829pts as against 44,477pts showing a decline of 648pts (-1.5% DoD). Sectors contributing to the performance include Technology (-202pts), Cement (-121pts), Banks (-56pts), Engineering (-49pts) and O&GMCs (-36pts).

· Volumes increased from 176.1mn shares to 226.6mn shares (+29% DoD). Average traded value also increased by 21% to reach US$ 48.4mn as against US$ 40mn.

· Stocks that contributed significantly to the volumes include WTL, TELE, TREET, HUMNL and TRG, which formed 35% of total volumes.

· Stocks that contributed positively to the index include PPL (+21pts), COLG (+9pts), HUBC (+8pts), ABL (+7pts) and FML (+7pts). Stocks that contributed negatively include TRG (-119pts), SYS (-68pts), LUCK (-26pts), FFC (-25pts) and UNITY (-25pts).

Courtesy – AHL

Posted in Article & Features.

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