·        PSX witnessed a bloodbath session today due to high inflationary and post-budget concerns. The KSE-100 index plunged by over 1,179 points as investors were unable to digest the adverse measures announced in the budget. Moreover, Pak rupee continued to decline against US dollar. Banking sector stayed in the red zone due to harsh taxation imposed in the budget. Institutional investors remained on the sell-side due to redemptions arising from the mutual funds.  

·        The Index closed at 40,879.93pts, down by 1,134.80pts (-2.70% DoD). Sectors contributing to the performance include Banks (-481.9pts), E&P (-134.9pts), Cement (-97.5pts), Technology (-96.6pts) and Fertilizer (-74.9pts).

·        Volumes increased from 115.9mn shares to 163.8mn shares (+41.4% DoD). Average traded value also increased by 41.8% to reach US$ 21.4mn as against US$ 15.1mn.

·        Stocks that contributed significantly to the volumes are HUMNL, CNERGY, KEL, UNITY and PRL.

Courtesy – AHL