Share market trims losses after sixth halt

Share market trims losses after sixth halt

KARACHI: The share market witnessed sixth lower lock in second week of bear run on Thursday. However, it trims losses later in the day by losing 286 points at the closing bell.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,130 points as against 30,416 points showing a decline of 286 points (-0.9 percent DoD).

Analysts at Arif Habib Limited said that the market witnessed the 6th halt today when the benchmark KSE100 index dropped 1,562 points, having traded 8.5 million shares.

Overall the index lost 1964 points during the session, reaching 28,452 points, and rebounded to erase all the losses and trading 100 points green for a while, only to resume selling later on.

The index closed 286 points down from LDCP. Buying activity was largely observed in Fertilizer, Banking and Oil & Gas sector. Cement sector also saw buying activity initially which brought the cement sector scrips from lower lock to tradable range, however, selling activity brought these stocks back to lower circuits.

Cement sector led the volumes with 48.8 million shares, followed by Banks (43.3 million) and Power (36.9 million). Among scrips, KEL topped the volumes with 22.1 million, followed by UNITY (19.3 million) and BOP (18.8 million).

Sectors contributing to the performance include Cement (-179 points), Power (-104 points), O&GMCs (-55 points), Textile (-53 points), Food (-48 points), Fertilizer (215 points), Banks (115 points).

Volumes increased from 186.6 million shares to 308.3 million shares (+65 percent DoD). Average traded value also increased by 90 percent to reach US$ 63.8 million as against US$ 33.5 million.

Stocks that contributed significantly to the volumes include KEL, UNITY, BOP, FCCL and MLCF, which formed 30 percent of total volumes.

Stocks that contributed positively to the index include FFC (+91 points), ENGRO (+81 points), MCB (+66 points), BAHL (+52 points) and EFERT (+46 points). Stocks that contributed negatively include HUBC (-95 points), LUCK (-85 points), UBL (-65 points), NESTLE (-50 points), and DGKC (-26 points).