Stock market falls by 309 points amid selling pressure

KARACHI: The stock market registered 309 points decline on Friday amid selling pressure in blue chip stocks.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 29,429 points as against 29,738 points showing a decline of 309 points.

Analysts at Arif Habib Limited said that the market continued trimming down today, with selling pressure in Banks, E&P and Cement sector stocks.

Coming MSCI review had Investors concern about selling activity from Foreigners, which caused this selling pressure in blue chip stocks in Banks, E&P and Cement sectors.

Mid cap Cement, Steel and Refinery sector scrips traded green. NCL hit upper circuit upon notification of buy back. Cement sector led the volumes table with 14.8 million shares, followed by Technology (9.8 million) and Banks (9.5 million). MLCF led the volumes with 7.7 million shares, followed by EPCL (5 million) and TRG (4.8 million).

Sectors contributing to the performance include Banks (-143 points), E&P (-119 points), Fertilizer (-49 points), O&GMCs (-22 points), Chemical (-11 points).

Volumes declined from 109.3 million shares to 76.4 million shares. Average traded value also declined by 29 percent to reach US$ 19.5 million as against US$ 27.4 million.

Stocks that contributed significantly to the volumes include MLCF, EPCL, TRG, WTL and UBL, which formed 31 percent of total volumes.

Stocks that contributed positively include NESTLE (+14 points), MCB (+11 points), DGKC (+10 points), KTML (+5 points) and MLCF (+5 points). Stocks that contributed negatively include HBL (-75 points), OGDC (-47 points), PPL (-46 points), BAHL (-30 points) and ENGRO (-29 points).

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