Share market ends down by 311 points on selling pressure

Share market ends down by 311 points on selling pressure

KARACHI: The share market ended down by 311 points on Tuesday after selling pressure by end of session.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,985 points as against 42,296 points showing a decline of 311 points.

Analysts at Arif Habib Limited said that the market saw selling pressure by the end of session after posting gains of 233 points early on.

Refinery sector particular performed well with multiple stocks hit upper circuit.

Similarly, Cement and OMCs sectors saw buying interest which helped the index post gains.

Besides, Chemical sector remained in the limelight, seeing good gains made in stock prices.

Selling pressure brought the index down by 616 points, including erosion of earlier gains, which was caused by closing of leveraged positions by retail investors.

O&GMCs posted trading volume of 149 million shares, followed by Cement (100 million) and Refinery (89.3 million). Among scrips, HASCOL topped with 133.9 million shares, followed by PIBTL (66 million) and POWER (57.9 million).

Sectors contributing to the performance include Banks (-80 points), O&GMCs (-38 points), Chemical (-35 points), Pharma (-24 points) and E&P (-24 points).

Volumes increased from 748.8 million shares to 884.4 million shares (+18 percent DoD). Average traded value also increased by 18 percent to reach US$ 167.8 million as against US$ 142.3 million.

Stocks that contributed significantly to the volumes include HASCOL, PIBTL, POWER, PRL and BYCO, which formed 38 percent of total volumes.

Stocks that contributed positively to the index include SYS (+35 points), LUCK (+31 points), NATF (+19 points), JLICL (+12 points) and BYCO (+11 points). Stocks that contributed negatively include TRG (-33 points), HBL (-27 points), MCB (-24 points), HASCOL (-23 points) and OGDC (-19 points).