KARACHI: The stock market lost around 470 points on Monday, the last session before week-long Eid holidays, due to concerns over measures to be announced in the budget 2019/2020 on June 11, 2019.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,505 points as against 35,975 points showing a decline of 470 points.
Analysts at Arif Habib Limited said that the last trading session before Eid and budget ended negative for the bourse.
Although clarity on EMOF and SEF was given by ECC last week, but investors’ seemed concerned over Budget, which is likely to adopt tough budgetary measures to bring fiscal discipline.
Besides, rapidly falling international crude prices brought selling pressure in E&P sector that accentuated the impact on market.
Banking sector led the volumes table with 39 million shares followed by Technology (24 million). Amongst scrips, BOP scored 25 million shares followed by WTL amongst Technology scrips with 20 million shares. MLCF ranked amongst top 10 volume scrips for the second consecutive day, amidst selling pressure.
Sectors contributing to the performance include E&P (-205 points), Fertilizer (-80 points), Cement (-57 points), O&GMCs (-40 points), Textile (-33 points), Banks (+22 points).
Volumes declined significantly from 199 million shares in last trading session to 124.6 million shares (-37 percent DoD).
Average traded value also declined by 47 percent to reach $31.7 million as against $ 60.3 million.
Stocks that contributed significantly to the volumes include BOP, WTL, MLCF, OGDC and KEL, which formed 50 percent of total volumes.
Stocks that contributed positively include HBL (+61 points), MCB (+51 points), EFUG (+7 points), ABOT (+6 points) and HASCOL (+6 points). Stocks that contributed negatively include PPL (-80 points), POL (-62 points), OGDC (-42 points), EFERT (-32 points) and LUCK (-31 points).