Karachi, Pakistan – On Thursday, the equity market of Pakistan has plunged by 209 points due to selling pressure observed during the day.
(more…)Category: Stock & Commodity
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Equity market falls by 262 points on selling pressure
KARACHI: The equity market fell below 40,000 points on Tuesday owing to selling pressure throughout the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,957 points as against 40,220 points showing a decline of 262 points.
Analysts at Arif Habib Limited said that the market remained under pressure throughout the day barring an initial burst of positivity that added 100 points to the index.
During the day, the index went down by 278 points and breached 40,000 level.
Blue chips stayed low and selling pressure by end of session caused further pressure.
Major volumes were observed in Power, Cement, Chemical and Banking sectors.
Sentiment drivers during the session were PM’s speech on Indian allegation on the recent attack, which was although positive in stance but stock prices showed investors’ concern.
Sectors contributing to the performance include Banks (-72 points), E&P (-42 points), Fertilizer (-32 points), Tobacco (-26 points), Textile (-14 points).
Volumes declined from 99 million shares to 94 million shares (-5 percent DoD). Average traded value also declined by 19 percent to reach US$ 28 million as against US$ 34 million.
Stocks that contributed significantly to the volumes include KEL, STPL, PAEL, PIBTL and PTC, which formed 32 percent of total volumes.
Stocks that contributed positively include LUCK (+14 points), MCB (+10 points), PSO (+8 points), SYS (+3 points), and ICI (+3 points). Stocks that contributed negatively include HBL (-41 points), PAKT (-26 points), SNGP (-18 points), UBL (-16 points) and MARI (-14 points).
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