KSE-100 index loses 601 points on selling pressure

KSE-100 index loses 601 points on selling pressure

KARACHI: The equity market ended down by 601 points on Friday owing to selling pressure witnessed across the board during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,262 points as against 44,863 points, showing a decline of 601 points.

Analysts at Arif Habib Limtied said that end of roll-over week had a painful impact on market, causing the index to tumble 711 points during the session and closing -601 points.

Leveraged stocks, NETSOL, TRG and UNITY which had significant outstanding balance in the DFC open interest created negative sentiment, despite TRG declaring good results with a hefty payout.

NETSOL, on the other hand, posted negative earnings for the quarter. Resultantly, NETSOL hit lower circuit.

Besides, selling pressure was observed across the board with UBL contributing to loss on points table among banking sector stocks with the exception of HBL that maintained level above LDCP.

Among scrips, GGL topped the volumes with 34.8 million shares, followed by TRG (25.9 million) and TELE (22.4 million).

Sectors contributing to the performance include Technology (-133 points), Cement (-60 points), E&P (-50 points), O&GMCs (-46 points) and Banks (-42 points).

Volumes increased from 280.6 million shares to 293.7 million shares (+4 percent DoD). Average traded value also increased by 1 percent to reach US$ 89.6 million as against US$ 88.6 million.

Stocks that contributed significantly to the volumes include GGL, TRG, TELE, WTL and HASCOL, which formed 37 percent of total volumes.

Stocks that contributed positively to the index include BAHL (+19 points), HBL (+14 points), SCBPL (+6 points), SHFA (+6 points) and AGP (+5 points). Stocks that contributed negatively include TRG (-105 points), HUBC (-30 points), SYS (-28 points), NBP (-24 points) and NRL (-23 points).