Equity market sheds 121 points on selling in major scrips

KARACHI: The equity market lost 121 points on Tuesday owing to selling pressure seen in major scrips.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,626 points as against 42,748 points showing a decline of 121 points.

Analysts at Arif Habib Limited said that the market continued facing downward pressure with the benchmark index slipping 409 points after registering an increase of 218 points earlier in the session.

PSO, among oil & gas plays and FFBL, among Fertilizer, contributed positively to the index, however, selling in Cement, Steel, E&P and Refinery sectors faced selling pressure, whereas banking sector stocks saw price gains in MoC.

Positive sentiment in HUBC and PSO was caused by the news of ECC allowing issuance of Energy Sukuk II, giving way to resolution of financial woes.

Top volume leading sectors include Technology with 30.7 million shares, followed by Banks (23.4 million) and Fertilizer (18.6 million).

Among scrips, TRG led the volumes with 17.4 million shares, followed by BYCO (11.2 million) and FFBL (9.8 million).

Sectors contributing to the performance include Fertilizer (-139 points), Cement (-15 points), Inv Banks (+36 points), Power (+30 points) and Banks (+6 points).

Volumes increased slightly to reach 177.6 million shares against 173.9 million shares (+2 percent DoD). Average traded value declined by 4 percent to reach US$ 44.1 million as against US$ 45.6 million.

Stocks that contributed significantly to the volumes include TRG, BYCO, FFBL, WTL and EPCL, which formed 33 percent of total volumes.

Stocks that contributed positively include DAWH (+33 points), HUBC (+27 points), MEBL (+9 points), UBL (+9 points) and PSO (+8 points).

Stocks that contributed negatively include ENGRO (-88 points), EFERT (-35 points), FFC (-18 points), HBL (-9 points), and PPL (-8 points).

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