The Market nosedived during the trading session today

·        The Market nosedived during the trading session today making an intraday low of 608.21 points. The benchmark KSE-100 index opened in the negative zone owing to the political uncertainty in the country keeping the investors at bay. The second session resumed with the same sentiments as investors opted to square up their positions on account of the ambiguous weekend ahead on the political front. Volumes in the mainboard remained decent whereas, healthy volumes were witnessed in the 3rd tier stocks.

·        The index closed at 40,323.45 pts, down by 480.44 pts (-1.18% DoD). Sectors contributing to the performance include E&P’s (-171.6pts), Commercial Banks (-46.3pts), Technology & Communication (-45.8pts), Cement (-43.7pts), and OMCs (-42.5pts).

·        Volumes decreased from 175.4mn shares to 173.3mn shares (-1.2% DoD). The average traded value also decreased by 21.5% to USD 20.3mn as against USD 25.8mn.

·        Stocks that contributed significantly to the volumes are HASCOL, WTL, PPL, SMBL and CNERGY.

Courtesy- AHL

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