Equity market ends down by 2.4% on political situation

Equity market ends down by 2.4% on political situation

KARACHI: The equity market fell by 1,027 points or 2.4 percent on Monday due to geo-political and regional security concerns.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,296 points as against 42,323 points showing a decline of 1027 points.

Analysts at Arif Habib Limited said geo-political and regional security concerns took toll on market sentiment and investors resorted to selling.

Although crude price jumped significantly, with Arab Light trading near $73/bbl, Oil & Gas chain didn’t take any positive impact.

Power sector led the volumes with 52.6 million shares, followed by Banks (291 million) and Cement (22.8 million). Among scrips, KEL topped the chart with 46 million shares, followed by UNITY (17.6 million) and BOP (16.9 million).

Sectors contributing to the performance include Banks (-186 points), Fertilizer (-155 points), Cement (-111 points), E&P (-92 points) and Power (-85 points).

Volumes declined further from 322.9 million shares to 266.6 million shares (-17 percent DoD). Average traded value also declined by 29 percent to reach US$ 67.5 million as against US$ 94.8 million.

Stocks that contributed significantly to the volumes include KEL, UNITY, BOP, TRG and FFL, which formed 38 percent of total volumes.

Stocks that contributed positively include JLICL (+4 points), DCR (+1 points), SCBPL (+0 points), COLG (+0 points). Stocks that contributed negatively include ENGRO (-97 points), HUBC (-65 points), LUCK (-53 points), PPL (-48 points), and FFC (-36 points).

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