Heavy weights scrips helped PSX to avoid slide

Pakistan Stock Exchange on Tuesday traded in a range between -282pts and +288pts and closing the session +50pts.

Amidst expectations of an impending correction, Index is circumnavigating current levels with a tilt towards index heavy weights such as HUBC and helped manage the slide, which would otherwise have dented investor sentiment.

The index opened on a positive note with +98pts and went further upto +183pts, on the back of buying activity in Cement, E&P sectors, however, selling pressure in Banks, Cement, Fertilizer and Steel brought the index down later.

The Index rebounded again with buying interest in HUBC that took the stock price to upper circuit. Besides, increase in international crude oil prices helped PSO, PPL and POL to post price gains.

Among Fertilizer sector stocks, ENGRO performed well and posted decent gains. Technology sector topped the volumes with 71.7M shares, followed by Cement (58.2M) and Power (43.3M). Among scrips, TRG did 28.6M shares, followed by HASCOL (25.9M) and HUMNL (17.5M).

The Index closed at 37,700pts as against 37,651pts showing an increase of 50pts (+0.1% DoD). Sectors contributing to the performance include Power (+114pts), Fertilizer (+36pts), O&GMCs (+20pts), Insurance (+13pts) and Paper (+12pts), Inv Banks (-27pts) and Autos (-27pts).

Volumes declined from 553.8mn shares to 457.2mn shares (-17% DoD). Average traded value remained the same at US$ 116 mn.

Stocks that contributed significantly to the volumes include TRG, HASCOL, HUMNL, FCCL and HUBC, which formed 23% of total volumes.

Stocks that contributed positively to the index include HUBC (+102pts), ENGRO (+37pts), HBL (+24pts), KAPCO (+17pts) and PSO (+15pts). Stocks that contributed negatively include DAWH (-24pts), INDU (-20pts), DGKC (-15pts), UBL (-14pts), and CHCC (-14pts).

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