KSE-100 index falls by 65 points on weak sentiments

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 65 points owing to week sentiments prevailed on Wednesday.

The index closed at 38,548 points as against 38,612 points showing a decline of 65 points.

Analysts at Arif Habib Limited said that the weak sentiment caused the index to remain range bound. After an initial increase of 54 points, the index fell down by 185 points which was witnessed by close of market.

Recovery from lowest level couldn’t help close the index in green. Mainly volume was observed in PTC (11 million), followed by BOP and WTL.

Sector wise, Technology sector topped the chart, followed by Banks and Cement. Poor quarterly sales numbers for North based cement manufacturers caused anxiety amongst investors, however, buying activity matched the selling pressure in Cement stocks. Banks, Autos, OMCs and Steel sectors contributed on the down side to the index.

Sectors contributing to the performance include Power (-50 points), O&GMCs (-39 points), Tobacco (-13 points), Fertilizer (+46 points), Banks (+36 points), E&P (+15 points).

Volumes increased from 70.8 million shares to 83.1 million shares (+17 percent DoD). Average traded value also increased by 9 percent to reach US$ 248 million as against US$ 22.7 million.

Stocks that contributed significantly to the volumes include PTC, BOP, WTL, PAEL and DCL, which formed 41 percent of total volumes.

Stocks that contributed positively include ENGRO (+37 points), MCB (+15 points), PPL (+14 points), UBL (+9 points), and DAWH (+7 points). Stocks that contributed negatively include HUBC (-47 points), SNGP (-19 points), PMPK (-13 points), PSO (-10 points) and SEARL (-6 points).

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