KSE-100 index sheds 193 points on selling pressure

KSE-100 index sheds 193 points on selling pressure

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 193 points on Wednesday on selling pressure witnessed during the day.

The index closed at 47,636 points as against previous day’s closing of 47,829 points, showing a decline of 193 points.

Analysts at Arif Habib Limited said that the market saw continued selling pressure which was partly due to ongoing roll-over activity and partly the profit booking in cement, fertilizer, technology and Oil & Gas chain.

O&GMCs sector faced selling pressure in PSO, which persisted since yesterday when the company disclosed its financial results to the dismay of investors.

Activity remained lackluster and the index lost a total of 211 points after recording a gain of 88 points. The index closed -193 points.

Among engineering sector stocks, ISL declared a hefty dividend besides significant earnings, with the stock contributing to high traded value and an uptick. Among scrips, WTL topped the volumes with 38 million shares, followed by ANL (33.3 million) and GGL (22 million).

Sectors contributing to the performance include Cement (-67 points), Misc (-35 points), Technology (-26 points), O&GMCs (-23 points) and E&P (-17 points).

Volumes slightly declined from 394.9 million shares to 384.6 million shares (-3 per cent DoD). Average traded value also declined by 16 per cent to reach US$ 69.2 million as against US$ 82.2 million.

Stocks that contributed significantly to the volumes include WTL, ANL, GGL, FNEL and KOSM, which formed 32 per cent of total volumes.

Stocks that contributed positively to the index include MCB (+11 points), ISL (+7 points), FFC (+7 points), MTL (+5 points) and BAFL (+5 points). Stocks that contributed negatively include PSEL (-35 points), LUCK (-21 points), TRG (-15 points), DGKC (-15 points) and MLCF (-13 points).

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