KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Wednesday declined by 199 points over investors attention on US elections and global commodity markets.
The KSE-100 index closed at 40,280 points as against 40,481 points showing a decline of 199 points.
Analysts at Arif Habib Limited said that the market opened on a positive note and added another 434 points in addition to yesterday’s 1368 points jump in the index.
However, profit booking kept a check on the additional points, keeping the index movement in the positive zone between +150 points and +400 points in the early hours. E&P, Cement, Banks and Fertilizer sector stocks contributed to the trading in that phase.
US Elections also had local investors attention, conjecturing the prospects of Trump’s winning on global stock markets as well as Commodity markets.
Selling pressure brought key stocks in Banking, Cement and O&GMCs sectors close red. Among scrips, UNITY contributed 47.7 million shares, followed by FFL (34.7 million) and HASCOL (30.3 million).
Sectors contributing to the performance include Banks (-88 points), Cement (-45 points), Power (-41 points), Pharma (-25 points) and O&GMCs (-21 points).
Volumes increased from 383.9 million shares to 427.8 million shares (+11 percent DoD). Average traded value however, increased by 1 percent to reach US$ 87.0 million as against US$ 86.3 million.
Stocks that contributed significantly to the volumes include UNITY, FFL, HASCOL, FFBL and TRG, which formed 36 percent of total volumes.
Stocks that contributed positively to the index include FFBL (+14 points), OGDC (+12 points), MTL (+11 points), TRG (+10 points) and COLG (+10 points). Stocks that contributed negatively include HBL (-38 points), HUBC (-37 points), UBL (-27 points), PSO (-17 points) and BAHL (-17 points).
