KARACHI: The equity market recorded a decline of 234 points on Wednesday while trading in range bound during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,059 points as against previous day’s closing of 455,293 points, showing a decline of 234 points.
Analysts at Arif Habib Limited said that the market traded range bound today between -272 points and +296 points during the session.
Selling pressure was concentrated in Banks, E&P, Cement and Steel sector stocks similar to what was witnessed yesterday and the absence of active buyer exacerbated the situation leading to index closing lower than LDCP.
Technology stocks saw NETSOL performing, whereas TRG declined over the day. Service Global Footwear (SGF) hit upper circuit on the first day of listing on PSX, but selling pressure brought the price down. Among scrips, TELE topped the volumes with 29.3 million shares, followed by ANL (25.6 million) and TRG (18.3 million).
Sectors contributing to the performance include Banks (-93 points), E&P (-44 points), Technology (-35 points), Cement (-33 points), Pharma (-29 points) and Fertilizer (+30 points).
Volumes declined from 366.8 million shares to 305.7 million shares (-17 percent DoD). Average traded value also declined by 7 percent to reach US$ 104.6 million as against US$ 112.1 million.
Stocks that contributed significantly to the volumes include TELE, ANL, TRG, UNITY and GGGL, which formed 33 percent of total volumes.
Stocks that contributed positively to the index include COLG (+24 points), FFC (+21 points), NRL (+13 points), ENGRO (+13 points) and POL (+12 points). Stocks that contributed negatively include HBL (-39 points), OGDC (-36 points), PPL (-24 points), MCB (-23 points) and TRG (-21 points).
