KSE-100 falls by 248 points on selling pressure

KARACHI: The stock market fell 248 points on Tuesday on selling pressure at the closing.

The benchmark KSE-100 index closed at 29,810 points as against 30,057 points showing a decline of 248 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today with 25 points and extended gains till 190 points after which selling activity caused the index to plunge by 318 points.

Last half hour of market kept the selling pressure, ending the session with -248 points. OGDC, PPL performed well earlier in the session and showed gains over yesterday’s closing, however, profit booking caused the stocks to retreat with a closure below LDCP.

Other than E&P, Cement, Fertilizer and Banking sector added fuel to selling pressure.

Cement sector led the volumes table with 11 million shares, followed by Technology (9.2 million) and E&P (4.7 million).

Among scrips, MLCF garnered 6.2 million shares, followed by WTL (4.5 million) and UNITY (4.2 million).

Sectors contributing to the performance include Banks (-70 points), Cement (-49 points), Power (-41 points), E&P (-21 points), and Pharma (-19 points).

Volumes declined further from 77.4 million shares to 63.9 million (-17 percent DoD). Average traded value also declined by 6 percent to reach US$ 15.6 million as against US$ 16.5 million.

Stocks that contributed significantly to the volumes include MLCF, WTL, UNITY, TRG and OGDC, which formed 34 percent of total volumes.

Stocks that contributed positively include SNGP (+8 points), NML (+7 points), MUREB (+6 points), AICL (+6 points) and DAWH (+5 points). Stocks that contributed negatively include HUBC (-35 points), LUCK (-31 points), MCB (-26 points), PPL (-20 points), and MEBL (-14 points).

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