KARACHI: The share market fell by 1,000 points on Monday despite announcement in cut of international oil production.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,033 points as against 32,03 points showing a decline of 1000 points.
Analysts at Arif Habib Limited said that the market headed south today on the back of negative development on OPEC+ deal, which although announced hefty production cuts, but still not enough to meet the global oil demand.
Another key trigger awaited by Oil & gas scrips were the announcement of Official Selling Price (OSP) by Saudi Aramco, which was already delayed by a week for reasons of disagreement on production cuts among OPEC, NOPEC and G20 countries.
The OSP announcement came by the end of session, during MoC, and saw selling activity on KSE100 increased further.
Early on, the index bore significant selling pressure in HUBC, which hit lower circuit after realizing trade of around 2.7 million shares and maintained lower circuit by close of session.
Besides, oil & gas scrips, selling activity was observed almost across the board in Cement and Banking sector scrips as well. Cement sector continued the lead in terms of trading volumes with 39.7 million shares, followed by O&GMCs (21.8 million) and Power (14 million).
Among scrips, HASCOL topped the volumes with 16.9 million shares, followed by MLCF (12.7 million) and PAEL (8.2 million).
Sectors contributing to the performance include Banks (-253 points), Power (-148 points), Cement (-110 points), Fertilizer (-107 points and E&P (-93 points).
Volumes increased from 127.1 million shares to 153.8 million shares (+21 percent DoD). Average traded value also increased by 14 percent to reach US$ 34.4 million as against US$ 30.1 million.
Stocks that contributed significantly to the volumes include HASCOL, MLCF, PIOC, PAEL and TRG, which formed 35 percent of total volumes.
Stocks that contributed positively to the index include SYS (+6 points), JLICL (6 points), IDYM (+3 points), MUREB (+1 points) and ARPL (+1 points). Stocks that contributed negatively include HUBC (-126 points), ENGRO (-57 points), UBL (-51 points), HBL (-49 points), and NESTLE (-42 points).