Equity market falls by 240 points in dull trading

Equity market falls by 240 points in dull trading

KARACHI: The equity market fell by 240 points on Tuesday as dull trading activities prevailed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,612 points as against 38,852 points showing a decline of 240 points.

Analysts at Arif Habib Limited said that KSE-100 index opened positive 61 points and carried the optimism from yesterday’s buying activity that saw market jumped 545 points.

Contrary to that market returned to the dull pace and non-interest that has been witnessed past whole week.

Trading volume was seen highest in PAEL that saw 15.4 million shares against a total market volume of 70.7 million shares.

Investors did not show interest in buying at prevailing prices, which eventually took the market down in the final hour by a wide margin.

Close to 30 million trading volume was seen in the final hour of trading.

Selling was seen across the board and large cap scrips saw the most declines including HBL, UBL, LUCK, GHNI and Auto sector stocks.

Sectors contributing to the performance include Banks (-63 points), Cement (-60 points), Power (-50 points), O&GMCs (-17 points), E&P (-12 points).

Volumes declined from 99 million shares to 70.8 million shares (-28 percent DoD). Average traded value also declined by 29 percent to reach US$ 22.7 million as against US$ 32.1 million.

Stocks that contributed significantly to the volumes include PAEL, BOP, TRG, MLCF and SNGP, which formed 42 percent of total volumes.

Stocks that contributed positively include BAFL (+14 points), PMPK (+12 points), POL (+10 points), ENGRO (+9 points), and HMB (+8 points). Stocks that contributed negatively include HUBC (-39 points), LUCK (-26 points), HBL (-26 points), UBL (-23 points) and BAHL (-12 points).

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