PSX: Range bound session was witnessed today

· Range bound session was witnessed today due to concerns over rising Covid-19 cases and mounting international oil prices. Cement sector stayed in the red zone as provisional cement data for the month of Jan’22 depicts a decline of 19% YoY to 3.85mn tons whereby domestic dispatches recorded a dip of 18% YoY to 3.32mn tons led primarily by slowdown in construction activity. In fertilizer sector, FFBL made the journey to its lower circuit due to disappointing result announcement. Moreover, main board activity remained gloomy. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. In the last trading hour, value buying was observed due to announcement of corporate results.

· The Index closed at 44,955.05pts as against 44,887.77pts showing an increase of 67.28pts (+0.15% DoD). Sectors contributing to the performance include Technology (+15.1pts), Chemical (+25.8pts), Commercial Banks (+20.2pts), Inv. Banks (+14.8pts) and Cement (+10.6pts).

· Volumes decreased from 207.0mn shares to 137.3mn shares (-33.7% DoD). Traded value also decreased by 33.9% to reach US$ 30.3mn as against US$ 45.9mn.

· Stocks that contributed significantly to the volumes include TRG, GGL, TPLP, WTL and CNERGY.

Courtesy – AHL

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