PSX sees the selling pressure today

Market added another 443pts during the session today before facing the selling pressure that eroded all the gains and took the Index down by -140pts. The oscillation of 580pts today was attributed mainly to profit booking by investors, after seeing a total increase of 4000pts since the recent drop to 39500 level. E&P and Cement Sectors mostly contributed to the downside of index, although oil prices maintained yesterday’s level. Among scrips, PRL maintained the top slot with 64.3M shares, followed by HASCOL (62.5M) and ANL (42.6M).

· The Index closed at 43,251pts as against 43,266pts showing a decline of 15pts. Sectors contributing to the performance include Banks (+109pts), Textile (+32pts), Autos (+23pts), Cement (-60pts), E&P (-58pts), Power (-44pts) and Technology (-27pts).

· Volumes increased further from 629.3mn shares to 702.2mn shares (+12% DoD). Average traded value also increased by 11% to reach US$ 182.3mn as against US$ 164.7mn.

· Stocks that contributed significantly to the volumes include PRL, HASCOL, ANL, PIBTL and LOTCHEM, which formed 38% of total volumes.

· Stocks that contributed positively to the index include MCB (+40pts), MEBL (+29pts), FFC (+17pts), MTL (+17pts) and NML (+17pts). Stocks that contributed negatively include HUBC (-40pts), LUCK (-36pts), PPL (-28pts), OGDC (-24pts) and TRG (-20pts).

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