Business News

Pakistan Stock Exchange

Share market ends down by 58 points on selling activity

Karachi: The share market fell by 58 points on Friday owing to selling activity observed during the day, analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,931 points as against previous day’s close of 45,990 points, showing a decline of 58 points.

The analysts at Arif Habib Limited said that the market traded in a narrow range between -114 points and +188 points, closing the session -58 points.

Selling activity was observed almost across the board, but was more prominent in cement, banks and O&GMC sectors.

Engineering (Steel) sector performed well in relative terms on the back of expectation of an increase in product prices. Among scrips, HUMNL topped the volumes with 66.3 million shares, followed by POWER (45.2 million) and FFBL (23.7 million).

Sectors contributing to the performance include Banks (-50 points), Cement (-33 points), Fertilizer (-20 points), Tobacco (-18 points) and Chemical (-16 points).

Volumes declined further from 620.7 million shares to 531.1 million shares (-15 percent DoD). Average traded value also declined by 10 percent to reach US$ 111.3 million as against US$ 123.6 million.

Stocks that contributed significantly to the volumes include HUMNL, POWER, FFBL, TRG and KOSM, which formed 33 percent of total volumes.

Stocks that contributed positively to the index include HUBC (+24 points), NATF (+18 points), GHGL (+13 points), INIL (+11 points) and APL (+11 points). Stocks that contributed negatively include MCB (-22 points), HBL (-20 points), PAKT (-18 points), LUCK (-11 points) and EFERT (-10 points).