Stock market ends down by 173 on selling pressure

KARACHI: The stock exchange fell by 173 points on Friday owing to selling pressure witnessed in major scrips.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,666 points as against 31,839 points showing a decline of 173 points.

Analysts at Arif Habib Limited said that following the trend of past 3 months, market slid again following the close of rollover week and saw index slip by a total of 405 points, ending the session with -173 points.

E&P, Banks and Power sectors contributed to the decline in index, where selling pressure was observed in HUBC, MCB, HBL, UBL, POL and PPL.

Cement sector again led the volumes with 8.8 million shares, followed by Engineering (8.7 million) and Banks (3.7 million). ISL became the volume leader with 5 million shares, followed by MLCF (4.5 million) and FCCL (2.1 million).

Sectors contributing to the performance include Banks (-115 points), E&P (-64 points), O&GMCs (-26 points), Food (+16 points) and Power (-12 points).

Volumes declined from 70.6 million shares to 46.4 million shares. Average traded value, on the other hand, registered a slight increase of 1.5 percent DoD to reach US$ 12.8 million as against US 12.6 million.

Stocks that contributed significantly to the volumes include ISL, MLCF, FCCL, MUGHAL and PAEL, which formed 33 percent of total volumes.

Stocks that contributed positively include HUBC (+12 points), NESTLE (+10 points), LUCK (+9 points), ISL (+5 points) and PKGS (+4 points). Stocks that contributed negatively include PPL (-40 points), HBL (-32 points), MCB (-26 points), UBL (-24 points) and NBP (-14 points).

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