The bulls returned to the PSX today

·        The bulls returned to the PSX today. After the finance minister announced  USD 500mn financing by the Asian Infrastructure Investment Bank under the BRACE (Building Resilience with Active Countercyclical Expenditure) initiative supported by Asian Development Bank, the investors gained considerable confidence, and the session opened in the green zone and kept the bullish momentum throughout the trading day. The mainboard’s volumes increased dramatically as 3rd tier stocks continued to dominate the market in terms of volume.

·        The Index closed at 42,901.27pts, up by 635.91pts (1.50% DoD). Sectors contributing to the performance include Commercial Banks (+270pts), Technology & Communication (+117.3pts), E&P’s (+83.6pts), Power Generation & Distribution (+47.3pts) and Cement (+22.00pts).

·        Volumes increased from 237.4mn shares to 293.9mn shares (23.8% DoD). The average traded value also increased by 76.2% to USD 46.1mn as against USD 26.1mn.

·        Stocks that contributed significantly to the volumes are HASCOL, BAFL, WTL, GGL and OGDC.

Courtesy – AHL

Posted in PSX.

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