KSE-100 index ends down by 28 points

KSE-100 index ends down by 28 points

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended down by 28 points on Thursday after making recovery of significant decline during the day.

The index closed at 38,244 points as against 39272 points yesterday showing a decline of 28 points.

Analysts at Arif Habib Limited said that market showed signs of nervousness throughout the day with a panic like selling in the midst, while touching a low of 38,780 points (around 500 points down).

In the end, however, the index recovered and closed near yesterday’s closing.

Buying interest was mostly observed in banking sector that showed BOP on top with 10 million shares against a total volume of 14.6 million shares for the whole sector.

Investors also took interest in Technology stocks (particularly NETSOL that was made part of eligible futures contract, yesterday).

NETSOL hit upper circuit and closed at that level. Generally, selling pressure was observed in Banking and E&P Sectors that raised concerns among investors.

Sectors contributing to today’s performance include E&P (-23 points), Chemical (-13 points), Banks (-13 points), Fertilizer (-9 points), Autos (-6 points), Tobacco (+25 points), Cement (+21 points).

Volumes increased from 92.7 million shares to 104.2 million shares (+12 percent DoD).

Average traded value also increased from $33 million to $38.7 million (+17 percent DoD).

Stocks that contributed significantly to the volumes include BOP, TRG, KEL, UNITY and PEL, which formed 38 percent of total volumes.

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