PSX market closed on a negative note on monday

Karachi, December 9, 2019: Market opened on a positive note today at +72 points and 1.3 million shares traded at opening. The benchmark index went up by 184 points in the morning and largely traded in a narrow range for good part of the session.

Near close of session market saw profit booking, which brought the index down by 417 points and closed the session at -289 points. Banking, OMCs, Steel, Autos and Cement sector stocks saw major sell off. Cement sector led the volumes table with 44.3 million shares, followed by Chemical (37.4 million) and O&GMCs (31.4 million). Among scrips, UNITY led the volumes with 26.8 million shares, followed by MLCF (18.7 million) and LOTCHEM (15.4 million).

The Index closed at 40,443 points as against 40,732 points showing a decline of 289 points (-0.7% DoD). Sectors contributing to the performance include Banks (-152 points), Cement (-65 points), O&GMCs (-58 points), Power (-45 points), Autos (-27 points), Fertilizer (+27 points), E&P (+24 points), Food (+22 points).

Volumes declined further from 417.1 million shares to 320.1 million shares (-23 percent DoD). Average traded value also declined by 25 percent to reach US$ 73.5 million as against US$ 97.9 million.

Stocks that contributed significantly to the volumes include UNITY, MLCF, LOTCHEM, PAEL and HASCOL, which formed 27 percent of total volumes.

Stocks that contributed positively include ENGRO (+23 points), NESTLE (+18 points), OGDC (+13 points), MARI (+10 points) and EPCL (+8 points). Stocks that contributed negatively include UBL (-60 points), HBL (-37 points), LUCK (-35 points), PSO (-33 points), and HUBC (-30 points)

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