Equity market sheds 26 points in range bound trading

KARACHI: The equity market has lost 26 points on Monday in a range bound trading activities.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,924 points as against 38,950 points showing a decline of 26 points.

Analysts at Arif Habib Limited the market remained range bound throughout the day and oscillated between -74 points to +196 points.

The index went up earlier during the day but selling pressure brought the index down.

Majority of the volumes were observed in OGDC on the downside, both in regular market (2.6 million) and also on NDM (6.3 million).

Other than OGDC, PPL and POL also saw activity on the downside.

Banking sector topped the volumes chart, out of which BOP saw volume of 16 million.

Volumes remained anaemic and investors generally remained cautious as the market is coming off slowly again after it dropped significantly last week due to tensions on the border.

Sectors contributing to the performance include Banks (+46 points), Fertilizer (-21 points), E&P (-17 points), O&GMCs (-12 points), Insurance (-12 points), Autos (-7 points).

Volumes declined again from 74 million shares to 68 million shares (-9 percent DoD).

Average traded value also declined by 12 percent to reach US$ 23.8 million a as against US$ 27.1 million.

Stocks that contributed significantly to the volumes include BOP, KEL, DCL, UNITY and OGDC, which formed 43 percent of total volumes.

Stocks that contributed positively include MEBL (+21 points), UBL (+16 points), PMPK (+10 points), KTML (+9 points), and HCAR (+8 points). Stocks that contributed negatively include ENGRO (-15 points), OGDC (-12 points), PSMC (-8 points), JLICL (-7 points) and EFERT (-6 points).

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