PSX observed a range bound secession today

PSX observed a range bound secession today, KSE-100 index remained volatile throughout the day due to expectation of rate hike in upcoming policy as KIBOR reached 13years high. On the contrary, rally in the refinery sector was witnessed due to rumors regarding the approval of refinery policy. The last trading hour witnessed profit selling across the board which resulted in the secession ending in the red zone. Main board activity remained dull although hefty volumes were witnessed in the 3rd tier stocks.

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The Index closed at 45,533.30pts, down by 255.58pts (-0.62% DoD). Sectors contributing to the performance include Fertilizer (-106.8pts), Technology (-61.7pts), Cement (-39.5pts), and Chemicals (-34.8pts).

Volumes increased from 210.2mn shares to 223.8mn shares (+6.5% DoD). Average traded value decreased by 10.3% to reach US$ 30.1mn as against US$ 33.6mn.

Stocks that contributed significantly to the volume are CNERGY, PRL, GTECH, PAEL and TELE.

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