Share market falls by 343 points trend on continuous selling pressure

Share market falls by 343 points trend on continuous selling pressure

KARACHI: The share market continued falling trend on Friday and lost another 343 points on heavy selling.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,103 points as against 32,446 points showing a decline of 343 points.

Analysts at Arif Habib Limited said that the market continue slide down today, where the index saw erosion of 414 points in total, and ended the session -343 points.

E&P, Refinery, Cement, Autos, Steel and O&GMCs contributed to selling pressure. Only small and mid cap Banks remained unscathed, where BOP topped the chart with ~24 million shares out of a total of 26.5 million shares in Banking sector.

Technology Sector followed Banks, in terms of volumes with 11.6 million shares. Cement Sector lagged behind Technology with 8.2 million shares, with DGKC at lower circuit and MLCF trading mostly in red zone.

Sectors contributing to the performance include Fertilizer (-46 points), Power (-40 points), Cement (-38 points), E&P (-31 points) and O&GMCs (-30 points).

Volumes increased from 63.8mn shares to 86.6mn shares (+36 percent DoD).

Average traded value, on the contrary, decline by 18 percent to reach US$ 12.1 million as against US$ 14.6 million.

Stocks that contributed significantly to the volumes include BOP, WTL, PAEL, MLCF and KEL, which formed 50 percent of total volumes.

Stocks that contributed positively include HMB (+6 points), BOP (+4 points), FABL (+3 points), SYS (+2 points) and SHEL (+1pt). Stocks that contributed negatively include HUBC (-31 points), PAKT (-27 points), FFC (-20 points), OGDC (-18 points) and NESTLE (-15 points).

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