Share market ends down by 589 points amid aggressive selling in major scrips

Share market ends down by 589 points amid aggressive selling in major scrips

KARACHI: The share market fell by 589 points on Thursday after aggressive selling was seen in major scrips.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,056 points as against 46,644 points showing a decline of 589 points.

Analysts at Arif Habib Limited said that the market made yet another historic high volume today, however, the index also slid by 684 points after posting a gain of 291 points.

Cement sector performed well earlier in the session with PIOC and DGKC hitting upper circuit.

Banks, E&P, O&GMCs saw aggressive selling, which brought the index down.

While the index regressed, Cement sector also saw selling pressure with significant decline in MLCF bringing the stock price below LDCP. Among scrips, WTL led the table with 353.5 million shares, followed by TELE (97.4 million) and KEL (47 million).

Sectors contributing to the performance include Banks (-152 points), Technology (-90 points), O&GMCs (-76 points), E&P (-73 points) and Power (-64 points).

Volumes increased from 1 bn shares to 1.12 bn shares (+11 percent DoD). Average traded value also increased by 30 percent to reach US$ 223.8 million against 171.6 million.

Stocks that contributed significantly to the volumes include WTL, TELE, KEL, MLCF and FCCL, which formed 52 percent of total volumes.

Stocks that contributed positively to the index include DGKC (+31 points), KOHC (+20 points), LUCK (+9 points), ANL (+7 points) and FCCL (+6 points). Stocks that contributed negatively include TRG (-65 points), PSO (-41 points), HBL (-38 points), UBL (-34 points) and HUBC (-26 points).