Share market ends down 265 points on selling pressure

Share market ends down 265 points on selling pressure

KARACHI: The share market fell by 265 points on Wednesday owing to selling pressure in major scrip witnessed during the day.

The Index closed at 33,728 points as against 33,993 points showing a decline of 265 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today with +114 points but could not sustain selling pressure, which brought the index down in negative territory and witnessed a decline of 317 points.

The index made some recovery by the end of session and closed -264 points.

Banks, Cement and E&P stocks weathered selling pressure regardless of international crude oil prices.

Fertilizer stocks traded no different than the rest and saw decline in stock prices.

Among Banks, HBL saw low prices due to MSCI rebalancing and concerns among investors about a possible exit.

Technology stocks managed to post the highest volumes with 28.9 million shares, followed by O&GMCs (28.2 million) and Cement (24.1 million).

Among scrips, HASCOL topped with 23.8 million shares, followed by UNITY (20.4 million) and TRG (14.5 million).

Sectors contributing to the performance include Banks (-99 points), Cement (-53 points), E&P (-39 points), Fertilizer (-34 points), Power (-34 points).

Volumes declined from 261 million shares to 208.9 million shares (-20 percent DoD). Average traded value also declined by 22 percent to reach US$ 45.1 million as against US$ 57.6 million.

Stocks that contributed significantly to the volumes include HASCOL, UNITY, TRG, MLCF and PIBTL, which formed 36 percent of total volumes.

Stocks that contributed positively to the index include NESTLE (+9 points), TRG (+8 points), BAFL (+6 points), SHEL (+6 points) and ANL (+6 points).

Stocks that contributed negatively include MCB (-56 points), HBL (-42 points), HUBC (-36 points), LUCK (-24 points), and FFC (-18 points).