PSX marks show an increase of 370.3pts (+0.9% DoD)

· Mounting inflation and expectation of hawkish stance in the monetary tightening caused the market to open on a bleak note. Cherry picking was observed throughout the day as low P/E multiples and high dividend yield stocks attracted the value-hunters. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. On the flip-side, Institutional activity stayed lackluster. In the last trading hour, short-sellers jumped in to square-off the positions which lifted up the market in green zone.

· The Index closed at 43,247pts as against 42,876pts showing an increase of 370.3pts (+0.9% DoD). Sectors contributing to the performance include Cement (+93pts), Technology & Communication (+91pts), Refinery (+28pts), Textile (+25pts) and Engineering (+22pts).

· Volumes increased from 150.3mn shares to 212.3mn shares (+41.2% DoD). Traded value also increased by 28.5% to reach US$ 38.1mn as against US$ 29.6mn.

· Stocks that contributed significantly to the volumes include WTL, BYCO, TPLP, TELE and TRG.

Courtesy – AHL

Posted in PSX.

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