Share market witnesses narrow range trading

Share market witnesses narrow range trading

KARACHI: The stock market witnessed narrow range trading on Friday after touching over 300 points decline during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,569 points from previous day’s closing of 40,564, just an addition of 5 points.

Analysts at Arif Habib Limited said that after touching the day’s low of 40,262 points (down by 302 points), the Index traded in a narrow range for most part of the session, intermittently going green and red by 50 points.

Selling pressure was observed earlier in the session in Cement, E&P, O&GMCs sectors, whereby SNGP traded at lower circuit for the entire session and E&P sector traded below respective LDCPs.

Cement sector staged recovery by the end of first session and carried the momentum in the second sessions as well.

Among scrips, PRL topped the volumes with 28.1 million shares, followed by UNITY (19.5 million) and TRG (15.2 million).

Sectors contributing to the performance include E&P (-11 points), O&GMCs (-7 points), Pharma (-1 points), Technology (+5 points) and Banks (+5 points).

Volumes declined back from 328.3 million shares to 243 million shares (-26 percent DoD). Average traded value also declined by 30 percent to reach US$ 49.9 million as against US$ 71.5 million.

Stocks that contributed significantly to the volumes include PRL, UNITY, TRG, KEL and MLCF, which formed 36 percent of total volumes.

Stocks that contributed positively to the index include SYS (+6 points), HBL (+2 points), HUBC (+2 points), MARI (+2 points) and LUCK (+2 points).

Stocks that contributed negatively include POL (-6 points), OGDC (-5 points), SNGP (-4 points), PPL (-3 points) and PSO (-2 points).

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