Share market witnesses selling, index falls by 136 points

Share market witnesses selling, index falls by 136 points

KARACHI: The share market of Pakistan Stock Exchange (PSX) experienced a wave of selling pressure on the final trading day of the week, with the benchmark KSE-100 index falling by 136 points. The market closed at 40,030 points, down from 40,166 points.

Analysts from Arif Habib Limited noted that the selling activity was widespread, primarily driven by the Banking, Exploration and Production (E&P), and Cement sectors. The market’s trading volume remained high at 727 million shares, with WTL making the most significant contribution, registering nominal price gains. UNITY, another notable player, recorded substantial volumes while hitting the upper circuit. Trading for UNITY Right shares is set to commence next week.

The Technology sector took the lead in terms of volumes, accounting for 210.1 million shares, followed by Cement (75.2 million) and Engineering (60.5 million). Among individual stocks, WTL led with 143.8 million shares, followed by PIBTL (52.4 million) and UNITY (50.4 million).

Various sectors played a role in influencing the market’s performance, with Banks (-68 points), E&P (-43 points), Cement (-30 points), Power (-30 points), and Fertilizer (-21 points) contributing to the decline.

Overall, trading volumes saw a decrease from 826.8 million shares to 728.2 million shares, representing a 12 percent Day-on-Day (DoD) decline. The average traded value also dipped by 5 percent, reaching US$ 136.8 million compared to US$ 144.8 million.

Major contributors to the overall trading volumes were WTL, PIBTL, UNITY, PAEL, and TRG, collectively forming 44 percent of the total volumes.

Stocks that positively impacted the index included MEBL (+21 points), PIBTL (+16 points), KTML (+15 points), IGIHL (+13 points), and PSMC (+9 points). On the flip side, stocks such as UBL (-40 points), HBL (-33 points), HUBC (-26 points), MCB (-17 points), and POL (-15 points) contributed negatively.

Investors will be closely monitoring market developments in the coming week, particularly with the scheduled commencement of trading for UNITY Right shares. The market’s resilience in the face of recent selling pressure and the performance of key sectors will likely shape the trajectory of the PSX in the near term.