Share market ends down 96 points in mixed trading

Share market ends down 96 points in mixed trading

KARACHI: The share market ended down by 96 points on Thursday in mixed trading activities.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,837 points as against 33,933 points showing a decline of 96 points.

Analysts at Arif Habib Limited said that the last trading day before the long weekend brought nervousness among Investors where at one end international crude prices were traded at high level, but the local investors were wary of the gap due to the off for Eid holidays.

OGDC went up early on but faced selling pressure and ended up trading in a narrow range.

Cement sector realized price losses due to selling pressure, which has been persistent from last couple of sessions.

Banking sector also fell prey to the selling pressure, especially in the wake of recent notification by Moody’s for rating downgrade.

The index largely traded in a narrow range between +116 points and -175 points, after opening on a positive note with 77 points and 1.4 million shares traded at the opening bell.

Technology stocks posted highest volume with 34.2 million shares, followed by O&GMCs (19.6 million) and Cement (18.1 million).

Among scrips, TRG realized trading volume of 18.4 million shares, followed by HASCOL (15.2 million) and MLCF (7.1 million).

Sectors contributing to the performance include O&GMCs (-32 points), Cement (-31 points), Banks (-27 points), Autos (-13 points), Textile (-11 points), E&P (+32 points) and Insurance (+11 points).

Volumes declined further from 165.1 million shares to 147.2 million shares (-11 percent DoD). Average traded value also declined by 15 percent to reach US$ 36.4 million as against US$ 42.7 million.

Stocks that contributed significantly to the volumes include TRG, HASCOL, MLCF, KEL and HUMNL, which formed 37 percent of total volumes.

Stocks that contributed positively to the index include OGDC (+18 points), NESTLE (+8 points), POL (+8 points), AICL (+6 points) and EFUG (+5 points).

Stocks that contributed negatively include SNGP (-15 points), LUCK (-13 points), DGKC (-11 points), EFERT (-11 points), and HUBC (-9 points).