PSX market remain positive on wednesday

Karachi, July 22, 2020: The market remained range-bound making an intraday high and low of +286 & -148 points respectively, to finally close at 37,805 levels, +0.3 percent.

Traded value stood relatively low at $106 million, down 9 percent and volume stood at 405 million shares, down 11 percent. Furthermore, major contribution to total market volumes came from UNITY (3.5 percent), HASCOL (2.5 percent), AGL (13 percent) and FCCL (-0.7 percent) cumulatively contributing 78 million shares.

On the news front, the government raised Rs199.4 billion against a target of Rs.140 billion through the auction of fixed-rate Pakistan Investment Bonds (PIBs) yesterday.

Today’s major movers were LUCK (4.6 percent), MTL (7.5 percent), MCB (1.0 percent), PSO (2.2 percent) and HBL (0.8 percent) and on the flipside HUBC (-2.0 percent), UBL (-2.8 percent), ENGRO (-0.7 percent), TRG (-2.8 percent) and FFC (-0.1 percent) were the index shakers. Moving forward, we recommend investors to book profit and wait for a dip for fresh buying. Our top picks are the OMCs, Steel and Refinery sectors.

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