Share market falls by 203 points on profit taking

Share market falls by 203 points on profit taking

KARACHI: The share market fell by 203 points on Monday as investors preferred profit booking, analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,805 points as against 34,008 points showing a decline of 203 points (-0.6 percent DoD).

Analysts at Arif Habib Limited said that post rate cut last week, market posted some gains today, showing an upside of 385 points earlier in the session, however, profit booking caused Index to slide posting a decline of 238 points during the session and closing -203 points.

Banking sector primarily caused the plunge resulting in across the board price loss.

Cement sector also couldn’t escape the selling pressure, although rate cut meant to benefit the leveraged cement players.

Technology sector topped the chart with 56.2 million shares, followed by Cement (35.2 million) and Investment Banks (31.4 million). Among Scrips, TRG realized 22.5 million shares, followed by KEL (17.5 million) and WTL (17.3 million).

Sectors contributing to the performance include E&P (+54 points), Food (+19 points), Banks (-117 points), Cement (-58 points), Misc. (-42 points), Fertilizer (-39 points) and O&GMCs (-14 points).

Volumes increased from 213.3 million shares to 262.0 million shares (+23 percent DoD). Average traded value also increased by 17 percent to reach US$ 45.4 million as against US$ 38.8 million.

Stocks that contributed significantly to the volumes include TRG, KEL, WTL, MLCF and FCSC, which formed 34 percent of total volumes.

Stocks that contributed positively to the index include OGDC (+28 points), NESTLE (+25 points), TRG (+18 points), PPL (+18 points) and ICI (+13 points). Stocks that contributed negatively include PSEL (-34 points), MCB (-33 points), BAHL (-25 points), LUCK (-23 points), and FFC (-23 points).