KSE-100 declines by 319 points on selling pressure

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) witnessed decline of 319 points on Tuesday owing to selling pressure.

The index closed at 38,036 points as against 38,355 points showing a decline of 319 points.

Analysts at Arif Habib Limited said that the market went down eventually after making a positive stride of 203 points in the beginning but lost 356 points (unadjusted) by the end of session.

Blue chips remained under selling pressure and despite high trading volume in scrips like LUCK, the scrip saw heavy selling pressure.

Volumes were largely seen in UNITY right (63M) as compared with total market volume of 144M shares. Last half hour of trading saw selling pressure increased which was mainly contributed by HBL and UBL. HBL saw buying interest close to lower circuit.

Sectors contributing to the performance include Banks (-117 points), O&GMCs (-40 points), Power (-37 points), E&P (-19 points), Textile (-16 points).

Volumes increased again from 65.9 million shares to 144.4 million shares (+119 percent DoD). Average traded value also increased by 39 percent to reach US$ 27.7 million as against US$ 19.9 million.

Stocks that contributed significantly to the volumes include UNITYR1, KEL, UNITY, MLCF and HUBC, which formed 62 percent of total volumes.

Stocks that contributed positively include PSEL (+21 points), FFC (+8 points), POL (+5 points), SHFA (+4 points), and TRG (+2 points). Stocks that contributed negatively include HBL (-53 points), HUBC (-23 points), PSO (-19 points), MCB (-16 points) and SNGP (-13 points).

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