Shares fall 258 points amid hefty volumes

Shares fall 258 points amid hefty volumes

KARACHI: Shares at Pakistan Stock Exchange (PSX) witnessed a decline of 258 points on Tuesday amid hefty volumes. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 45,072 points as against the previous day’s closing of 45,330 points.

Analysts at Arif Habib Limited said that on the MSCI rebalancing day, the KSE-100 index witnessed a volatile session as it made a dicey move of more than 1,000 points, making a close above 45,000 points benchmark.

The E&P sector stayed in the limelight as the government is considering a scheme to reduce the stock of the circular debt by declaring dividends for the shareholders of energy sector companies.

In the last two trading hours, Institutional investors accumulated across the board as it was the last opportunity to catch foreign selling spree due to the transition from emerging to frontier market. Mainboard stocks witnessed hefty volumes today.

Sectors contributing to the performance include Commercial Banks (-160 points), Fertilizer (-78 points), Inv. Banks (-18.3 points), FMCG (-16.2 points) and Textile Composite (-12.8 points).

Volumes increased from 268.2 million shares to 411.5 million shares (+53.4 per cent DoD). Traded value increased by 219.4 per cent to reach US$ 198.2 million as against US$ 52.0 million.

Stocks that contributed significantly to the volumes include HBL, FNEL, UBL, TRG and MCB.