Equity market ends down by 120 points

KARACHI: The equity market ended down by 120 points in narrow trading activities on Thursday.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,808 points as against 38,929 points showing a decline of 120 points.

Analysts at Arif Habib Limited said KSE-100 index went down again by the end of session, although early hours of trading were no different than the past week.

The market initially traded in a narrow band at low volumes and as the day progressed selling in blue chips became more pronounced particularly triggered by activity in OGDC.

BOP topped the volumes table again, followed by UNITY and OGDC.

Cement sector which sustained pressures in the past sessions, also gave way to the pressure and saw prices coming off by the end of session despite continuous decline in international coal prices.

Sectors contributing to the performance include Cement (-43 points), E&P (-31 points), Power (-24 points), O&GMCs (14 points), Engineering (-12 points), Fertilizer (+15 points), Textile (+14 points).

Volumes declined from 94 million shares to 86 million shares (-8 percent DoD). Average traded value however, increased by 2 percent to reach US$ 24.1 million as against US$ 23.6 million.

Stocks that contributed significantly to the volumes include BOP, UNITY, OGDC, KEL and LOTCHEM, which formed 49 percent of total volumes.

Stocks that contributed positively include KTML (+10 points), FFC (+8 points), EFERT (+7 points), PMPK (+6 points), and SEARL (+6 points).

Stocks that contributed negatively include OGDC (-28 points), LUCK (-20 points), HUBC (-14 points), UBL (-11 points) and DGKC (-8 points).

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