Equity market ends down by 86 points on falling global prices

Equity market ends down by 86 points on falling global prices

KARACHI: The equity market has lost 86 points on Monday owing to lowering international oil prices and bearish regional markets, analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 28,023 points as against 28,110 points showing a decline of 86 points.

Analysts at Arif Habib Limited said that the market opened on a negative note today with -127 points and continued trending down throughout the session to realize a loss of -642 points.

Slump in international crude oil prices as well as bearish performance of Regional Stock markets caused selling pressure at PSX. Cement sector came out as the winner, following on the trajectory shown on the last trading day on account of possible relief package for real estate construction sector.

Resultantly, MLCF hit upper circuits, whereas DGKC also traded near upper circuit. Due to significant price reductions during the later half of the outgoing month also gave hope to the Investors of a reduction in monthly CPI number.

Power sector led the volumes with 41 million shares, followed by Cement (29.5 million) and Banks (18 million). Among scrips, KEL topped the chart with 35 million shares, followed by MLCF (9.6 million) and HASCOL (7.2 million).

Sectors contributing to the performance include E&P (-133 points), Banks (-95 points), Tobacco (-19 points), Cement (+136 points), Power (+47 points), Pharma (+12 points).

Volumes declined from 169.5 million shares to 159.4 million shares (-6 percent DoD). Average traded value also by 0.3 percent to reach US$ 25.4 million as against US$ 25.6 million.

Stocks that contributed significantly to the volumes include KEL, MLCF, HASCOL, UNITY and SMBL, which formed 41 percent of total volumes.

Stocks that contributed positively to the index include LUCK (+65 points), FFC (+38 points), HUBC (+32 points), DGKC (+18 points) and FCCL (+17 points). Stocks that contributed negatively include PPL (-73 points), OGDC (-46 points), UBL (-35 points), UBL (-20 points), and PAKT (-19 points).