PSX takes correction today

·         The Market traded range bound today with an upside of 300pts in the first session and posting a loss of 195pts in the Index, closing the session -177pts. Selling activity was observed across the board, and mainly contributed by Banks, E&P and Cement sectors. Volumes remained elevated at 727M shares, among which WTL added the most with nominal price gains. UNITY also posted significant volumes while hitting upper circuit. Trading of UNITY Right shares is scheduled to begin next week. Technology sector led the volumes with 210.1M shares, followed by Cement (75.2M) and Engineering (60.5M). Among scrips, WTL topped with 143.8M shares, followed by PIBTL (52.4M) and UNITY (50.4M).

·          The Index closed at 40,030pts as against 40,166pts showing a decline of 136pts (-0.3% DoD). Sectors contributing to the performance include Banks (-68pts), E&P (-43pts), Cement (-30pts), Power (-30pts) and Fertilizer (-21pts).

·          Volumes dropped from 826.8mn shares to 728.2mn shares (-12% DoD). Average traded value also declined by 5% to reach US$ 136.8mn as against US$ 144.8mn.

·          Stocks that contributed significantly to the volumes include WTL, PIBTL, UNITY, PAEL and TRG, which formed 44% of total volumes.

·          Stocks that contributed positively to the index include MEBL (+21pts), PIBTL (+16pts), KTML (+15pts), IGIHL (+13pts) and PSMC (+9pts). Stocks that contributed negatively include UBL (-40pts), HBL (-33pts), HUBC (-26pts), MCB (-17pts) and POL (-15pts). (AHL)

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