Tuesday, January 24, 2023
HomeGeneralProfit booking was used by investors in the PSX today

Profit booking was used by investors in the PSX today

Shaukat Tarin’s unambiguous indication of the end of the IMF review and the commencement of the IMF Package led the index to gain 665 points during the session, bringing the overall gain to 3000 points from the near-term low of 43200 points. Bank and E&P companies contributed the most, while the Technology and Cyclicals (Cement and Steel) sectors saw selling pressure. Investors resorted to profit booking after reaching an intra-day high, bringing the net gains to 310 points at the close of the session (unadjusted).

Anticipation of interest rate hike by SBP in the coming monetary policy helped the banking sector stocks to stage a rally, and E&P stocks inched up on the prospects of US$100/bbl for international crude oil price. Among scrips, BOP topped the volumes with 25.5M shares, followed by TELE (24.2M) and HUMNL (23.8M).

Also read: Tarin: Talks with IMF in the right direction

The Index finished at 45,821 points, up 322 points (+0.7 percent DoD) from 45,500 points. Banks (+220pts), E&P (+97pts), Fertilizer (+80pts), Cement (+31pts), and Chemical (+29pts) are among the sectors that contributed to the performance.

Volumes grew by 10%, from 308.1 million to 338.3 million shares. The average transacted value grew by 29% to US$ 76.8 million from US$ 59.7 million.

BOP, TELE, HUMNL, WTL, and UNITY were among the stocks that contributed considerably to the volumes, accounting for 34% of total volumes.



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