PSX sees selling pressure today

Increasing incidence of Corona cases, partial lockdown in Pakistan, Lockdowns in European countries, End of roll-over week, End of result season, Global sell-off in Stocks as well as Commodities markets were enough for the market to lose 1911pts during the session. KSE30 touched 5% prior to the maximum time limit of 2:30 and reversed in time to avoid market halt. Selling pressure was evident across the board with heavy selling in E&P and Banking sector stocks, which saw respective price levels near and at lower circuits. Among scrips, UNITY topped the volumes with 60.5M shares, followed by MLCF (39.1M) and PIBTL (38.6M).

· The Index closed at 39,888pts as against 41,187pts showing a decline of 1299pts (-3.2% DoD). Sectors contributing to the performance include Banks (-256pts), E&P (-195pts), Fertilizer (-126pts), Cement (-102pts) and O&GMCs (-100pts).

· Volumes increased from 368.5mn shares to 541.8mn shares (+47% DoD). Average traded value also increased by 34% to reach US$ 126.9mn as against US$ 94.5mn.

· Stocks that contributed significantly to the volumes include UNITY, MLCF, PIBTL, HASCOL and FCCL, which formed 37% of total volumes.

· Stocks that contributed positively to the index include PAKT (+12pts), ICI (0pts), SCBPL (+0pts), MUREB (+0pts) and ATLH (+0pts). Stocks that contributed negatively include PPL (-67pts), ENGRO (-66pts), POL (-65pts), HBL (-58pts) and HUBC (-57pts).

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