Equity market ends down by 109 pts on buying activities

Equity market ends down by 109 pts on buying activities

KARACHI: The equity market fell by 109 points on Wednesday on buying activities in major scrips.

The benchmark KSE-100 index closed at 41,505 points as against 41,614 points showing a decline of 109 points.

Analysts at Arif Habib Limited said that market performed well today with an increase of 153 points but faced profit booking too causing the index to drop by 197 points.

Early on, the market leap frogged due to buying in Cement Sector, which saw volumes of 48 million by day end, followed by Chemical Sector.

Key scrips in Cement sector that generated trading volume include FCCL, MLCF and DGKC.

Among Chemical sector, EPCL traded ~6M shares however, the price declined by around three percent by sessions end.

Banks and Textile sector scrips remained on the back burner but value buying was observed.

Sectors contributing to the performance include Banks (-101 points), E&P (-38 points), O&GMCs (-35 points), Chemical (-16 points), Fertilizer (+56 points), Cement (-30 points), Autos (-26 points).

Volumes declined from 254 million shares to 205 million shares (-19 percent DoD).

Average traded value remained largely the same at US$71 million.

Stocks that contributed significantly to the volumes include FCCL, MLCF, DGKC, BOP, PIBTL and PASL, which formed 24 percent of total volumes.

Stocks that contributed positively include FFC (+26 points), EFERT (+17 points), INDU (+14 points), ENGRO (+13 points), and DGKC (+11 points).

Stocks that contributed negatively include HBL (-25 points), PPL (-24 points), BAHL (-23 points), OGDC (-23 points) and PSO (-17 points).

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