KSE-100 gains 204 points amid selling pressure

KARACHI: The equity market gained 204 points on Tuesday amid selling pressure in blue chips.

 

 

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,624 points as against 40,420 points the other day, showing an increase of 204 points.

Analysts at Arif Habib Limited said that the market oscillated between -113 points and +228 points during the day, and although largely it maintained a positive stand, the nervousness could very well be observed in blue chips that felt selling pressures.

To start with, both HBL and UBL traded in red, almost entirety of the session and in a narrow band.

UBL notified that it has closed its New York branch, which caused some investors to take bearish stance.

Top 10 volume leaders on the chart appeared to be small and mid caps and none of the blue chips accounted for decent volumes.

Among E&P Sector, OGDC showed price growth however, the enthusiasm died down by the end of session.

Sectors contributing to the performance include E&P (+62 points), Fertilizer (+39 points), O&GMCs (+39 points), Power (+21 points), Autos (+19 points).

Volumes bounced back from 126 million shares to 154 million shares today (+23 percent DoD).

Average traded value also increased by 33 percent DoD to reach $49.2 million as against $36.9 million.

Stocks that contributed significantly to the volumes include DCL, PIAA, FFL, UNITY and NRSL, which formed 25 percent of total volumes.

Stocks that contributed positively include PPL (+29 points), OGDC (+29 points), EFERT (+19 points), PSO (+19 points), and HUBC (+18 points).

Stocks that contributed negatively include HBL (-14 points), PIBTL (-6 points), POL (-6 points), NBP (-5 points) and KTML (-5 points).

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