Finance

PSX updates: index closed at red zone down by 467pts

Karachi, June 29, 2022: Market remained under pressure today due to major sell-off in the banking stocks. Cement sector stayed in the red zone due to increase in Afghan coal price and export tax. Value buying was witnessed in the E&P sector. In the last trading hour, profit taking was witnessed across the board.

The Index closed at 41,297.73 points, down by 467.89 points (-1.12% DoD). Sectors contributing to the performance include Banks (-271.6 points), E&P’s (-58.6 points), Technology (-56.8 points), Cement (-23.3 points) and Power (-17.6 points).

Volumes decreased from 257.2mn shares to 142.2mn shares (-44.7% DoD). Average traded value also decreased by 30.6% to reach US$ 26.1mn as against US$ 37.6mn.

Stocks that contributed significantly to the volumes are KEL, WTL, HASCOL, CNERGY and TPLP.

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