Equity market sheds 163 points in ongoing loss making trail

KARACHI: The equity market ended with decline of 163 points on Thursday in its ongoing loss making trail.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,385 points as against 38,548 points showing a decline of 163 points.

Analysts at Arif Habib Limited said that KSE-100 index continued the loss making trail from past several sessions.

The market turned positive for a brief while in the morning but reverted to selling pressure which saw selling activity in Banks, Cement, Steel, Fertilizer, Autos, & OMCs.

During the session the news of Supreme Court’s acceptance of Bahria Town deal felt a fresh breathe, however, the wave lived short. By the close of market, selling pressure mounted back resulting in index sliding down by 205 points (unadjusted).

Sectors contributing to the performance include Fertilizer (-47 points), Power (-36 points), O&GMCs (-22 points), E&P (-13 points), Cement (-12 points).

Volumes declined slightly from 83mn shares to 81mn shares (-2 percent DoD). Average traded value however, increased by 22 percent to reach US$ 30.4mn from U$ 24.9mn.

Stocks that contributed significantly to the volumes include BOP, PAEL, HUBC, SSGC and WTL, which formed 24 percent of total volumes.

Stocks that contributed positively include POL (+21 points), BAHL (+12 points), HBL (+5 points), UBL (+5 points), and KOHC (+4 points). Stocks that contributed negatively include HUBC (-33 points), MARI (-22 points), ENGRO (-20 points), OGDC (-16 points) and PMPK (-12 points).

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