Equity market erodes by 591 points despite encouraging reports from UAE

KARACHI: The equity marked eroded by 561 points on Monday despite positing new from Government Summit in the UAE.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended down by 561 points to close at 40,327 points as against 40,887 points.
Analysts at Arif Habib Limited said that the market declined further today despite positive news triggers from Governance Summit in UAE, where the PM addressed the business community and GCC leaders.
The investors did not pay heed to the support that IMF gave in the discussions with PM, which was held on the sidelines of the Summit.
Another blow came from Moody’s downgrade of Pakistani Banks, which caused panic selling among investors, resulting in a plunge towards 40,300.
Selling was witnessed across the board, and none of the sectors were spared from decline.
Though the traded volume was not impressive, majority of the volumes were seen in Power (KEL), Cement (MLCF) and Banks (BOP). Decline in Banking sector was largely contributed by HBL and UBL.
Sectors contributing to the performance include Banks (-187 points), E&P (-71 points), Cement (-62 points), O&GMCs (-50 points), Fertilizer (-50 points), Power (+12 points).
Volumes declined from 169 million shares to 134 million shares (-21 percent DoD). Average traded value also declined by 27 percent to reach US$ 45 million as against US$ 62 million.
Stocks that contributed significantly to the volumes include KEL, PAEL, BOP, PIBTL and TRG, which formed 29 percent of total volumes.
Stocks that contributed positively include HUBC (+16 points), COLG (+6 points), PSMC (+2 points), THALL (+2 points), and AGIL (+2 points). Stocks that contributed negatively include HBL (-45 points), LUCK (-41 points), UBL (-37 points), MCB (-34 points) and SEARL (-27 points).
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