KSE-100 falls by 451 points on selling pressure

KSE-100 falls by 451 points on selling pressure

KARACHI: The benchmark KSE-100 index fell by 451 points on Wednesday owing to selling pressure witnessed during the day.

The index closed at 43,954 points as against previous day’s closing of 44,404 points showing a decline of 451 points.

Analysts at Arif Habib Limited said that the KSE-100 benchmark index lost 647 points during the session after posting an intra-day gain of 930 points.

Banks, E&P, Fertilizer sectors remained under selling pressure whereas Tech and Refinery sector stocks saw mixed reaction from Investors.

Different factors were at play that brought negative sentiment including anticipation of mute growth in financial sector results and decline in international crude oil prices.

Cement sector performed well earlier in the session, however, change of overall sentiment brought cement stocks down as well. Among scrips, TRG led the table with 38.3 million shares, followed by DSL (30.3 million) and ANL (22.9 million).

Sectors contributing to the performance include Banks (-183 points), E&P (-103 points), Fertilizer (-98 points), Autos (-37 points) and Power (-31 points).

Volumes increased slightly from 305.9 million shares to 371 million shares (+21 percent DoD). Average traded value also increased by 26 percent to reach US$ 132.8 million as against US$ 105.2 million.

Stocks that contributed significantly to the volumes include TRG, DSL, ANL, GGL and TELE, which formed 33 percent of total volumes.

Stocks that contributed positively to the index include LUCK (+39 points), AICL (+15 points), TRG (+12 points), EFUG (+11 points) and ISL (+11 points). Stocks that contributed negatively include HBL (-55 points), ENGRO (-52 points), BAHL (-46 points), OGDC (-44 points) and FFC (-35 points).