PSX sees continued selling today

· Market saw a rebound early on with the Index climbing 342pts, however, profit booking overtook and eventually converted into aggressive selling that eroded the gains made earlier with a drop of 514pts near the close. The index closed -270pts (unadjusted). Technology, Banks, E&P, O&GMCs and Refinery sectors got the most thrashing with little bit of respite in Cement sector. Among scrips, WTL realized trading volume of 89.1M shares followed by HUMNL (29.2M) and TELE (23.3M).

· The Index closed at 45,297pts as against 45,597pts showing a decline of 300pts (-0.7% DoD). Sectors contributing to the performance include Technology (-91pts), E&P (-52pts), Banks (-39pts), Fertilizer (-33pts) and Refinery (-30pts).

· Volumes declined from 583.7mn shares to 443.8mn shares (-24% DoD). Average traded value also declined by 29% to reach US$ 73.3mn as against US$ 102.9mn.

· Stocks that contributed significantly to the volumes include WTL, HUMNL, TELE, TREET and BYCO, which formed 39% of total volumes.

· Stocks that contributed positively to the index include ABOT (+24pts), EPCL (+13pts), MTL (+11pts), HUBC (+10pts) and HMB (+9pts). Stocks that contributed negatively include TRG (-64pts), PPL (-27pts), MCB (-27pts), SYS (-27pts) and OGDC (-26pts).

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