KARACHI: The share market witnessed a decline of 292 points on Thursday in profit taking activities.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,166 points as against previous day’s closing of 46,458 points, showing a decline of 292 points.
Analysts at Arif Habib Limited said that after posting a high of 46,645 during the session (+187 points), market saw profit booking again, which brought the Index down by 347 points, closing the session -292 points.
Cement and Banking sector stocks showed buying activity and healthy price performance, whereas selling pressure was evident in E&P, O&GMCs, Technology and Fertilizer sectors that eroded the gains earlier seen in the Index.
Among Power sector, HUBC performed well in anticipation of change in the formula for resolution of circular debt. Banking sector stocks saw renewed interest, especially after Fauji Foundation’s intention to acquire SILK Bank through notification on the Exchange that also resulted in SILK posting highest trading volumes.
Among scrips, SILK topped the volumes with 354.7 million shares, followed by KEL (31.2 million) and TRG (27.7 million).
Sectors contributing to the performance include Cement (+48 points), Engineering (+21 points), Technology (-90 points), E&P (-67 points), Fertilizer (-55 points), O&GMCs (-41 points) and Inv Banks (-36 points).
Volumes increased from 610.9 million shares to 844 million shares (+38 percent DoD). Average traded value however, declined by 10 percent to reach US$ 163.6 million as against 180.9 million.
Stocks that contributed significantly to the volumes include SILK, KEL, TRG, ASL and FCCL, which formed 55 percent of total volumes.
Stocks that contributed positively to the index include LUCK (+30 points), UBL (+21 points), HBL (+17 points), ISL (+15 points) and AKBL (+10 points). Stocks that contributed negatively include TRG (-61 points), FFC (-36 points), DAWH (-33 points), MCB (-29 points) and SYS (-28 points).
