KARACHI: The share market ended down by 186 points on Monday owing to roll-over trades from April future contract.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,076 points as against last Friday’s closing of 44,262 points, showing a decline of 186 points.
Analysts at Arif Habib Limited said that roll-over trades from April Futures Contract that remained outstanding at the end of Roll-over week on Friday caused mayhem today as well, especially the positions in TRG and NETSOL.
Resultantly, the Index slashed 632 points during the session. Recovery ensued, considering that the positions have rolled-over however, since the positions were still outstanding, the recovery efforts proved futile, ending the session -186 points.
NETSOL hit lower circuit since the beginning of the session, whereas TRG traded near lower circuit the entire session. Besides Technology stocks, selling pressure was observed in Cement and Steel sectors which kept the index down. Among scrips, UNITY led the table with 36.2 million shares, followed by TELE (25.2 million) and GGL (23 million).
Sectors contributing to the performance include Technology (-89 points), Textile (-58 points), Cement (-33 points), Power (-29 points) and Refinery (-12 points).
Volumes declined from 293.7 million shares to 238 million shares (-19 percent DoD). Average traded value also declined by 18 percent to reach US$ 73.8 million as against US$ 89.7 million.
Stocks that contributed significantly to the volumes include UNITY, TELE, GGL, TRG and WTL, which formed 46 percent of total volumes.
Stocks that contributed positively to the index include SYS (+41 points), HBL (+17 points), UNITY (+16 points), KTML (+13 points) and FFC (+13 points). Stocks that contributed negatively include TRG (-130 points), HUBC (-28 points), NML (-23 points), ANL (-16 points) and LUCK (-15 points).
