Business News

Pakistan Stock Exchange

Share market ends down by 116 points in range bound trading

KARACHI: The share market ended down by 116 points on Friday in a range bound trading activity.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,868 points as against previous day’s closing of 45,984 points showing a decline of 116 points.

Analysts at Arif Habib Limited said that the market oscillated between +132 points and -294 points, ending the session down 116 points.

Global stock markets took breather since last evening, which trickled in regional markets as well.

KSE-100 saw across the board selling on the concern of monetary policy decision, which was announced in the last half hour of the session, besides the redemptions from mutual funds.

Increase in electricity tariff also affected investor sentiment towards manufacturing concerns. Among scrips, KEL realized the most volumes with 54 million shares, followed by FFL (24.6 million) and ICIBL (23.7 million).

Sectors contributing to the performance include E&P (-51 points), Fertilizer (-21 points), Technology (-19 points), O&GMCs (-16 points) and Power (-13 points).

Volumes declined from 606.3 million shares to 430.6 million shares (-29 percent DoD). Average traded value also declined by 12 percent to reach US$ 98.5 million as against US$ 111.5 million.

Stocks that contributed significantly to the volumes include KEL, FFL, ICIBL, PIBTL and FFBL, which formed 34 percent of total volumes.

Stocks that contributed positively to the index include SYS (+21 points), KTML (+15 points), FABL (+13 points), FFBL (+12 points) and INIL (+11 points).

Stocks that contributed negatively include TRG (-40 points), ENGRO (-16 points), MARI (-16 points), PPL (-14 points) and OGDC (-14 points).