Share market witnesses selling, index falls by 136 points

KARACHI: The share market witnessed selling pressure on the last trading day on Friday and the benchmark index fell by 136 points.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,030 points as against 40,166 points showing a decline of 136 points.

Analysts at Arif Habib Limited said that selling activity was observed across the board, and mainly contributed by Banks, E&P and Cement sectors.

Volumes remained elevated at 727 million shares, among which WTL contributed the most with nominal price gains. UNITY also posted significant volumes while hitting upper circuit. Trading of UNITY Right shares is scheduled to begin next week.

Technology sector led the volumes with 210.1 million shares, followed by Cement (75.2 million) and Engineering (60.5 million). Among scrips, WTL topped with 143.8 million shares, followed by PIBTL (52.4 million) and UNITY (50.4 million).

Sectors contributing to the performance include Banks (-68 points), E&P (-43 points), Cement (-30 points), Power (-30 points) and Fertilizer (-21 points).

Volumes dropped from 826.8 million shares to 728.2 million shares (-12 percent DoD). Average traded value also declined by 5 percent to reach US$ 136.8 million as against US$ 144.8 million.

Stocks that contributed significantly to the volumes include WTL, PIBTL, UNITY, PAEL and TRG, which formed 44 percent of total volumes.

Stocks that contributed positively to the index include MEBL (+21 points), PIBTL (+16 points), KTML (+15 points), IGIHL (+13 points) and PSMC (+9 points). Stocks that contributed negatively include UBL (-40 points), HBL (-33 points), HUBC (-26 points), MCB (-17 points) and POL (-15 points).

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