KSE-100 index gains 270 points amid selling pressure

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 270 points on Tuesday amid selling pressure in blue chip scrips.

 

 

The index closed at 40,596 points as against 40,326 points showing an increase of 270 points.

Analysts at Arif Habib Limited said that the market made an upward move today with an oscillation of around 370 points (+311 points and -58 points).

Profit booking by institutional investors during the past couple of sessions kept the retail investors on edge and selling pressure was witnessed in blue chip scrips other than Cement Sector.

Overall, the volumes were led by Textile (ANL), followed by Cement Sector (courtesy of DGKC, MLCF, FCCL, LUCK to name few).

Cement was the only notable sector other than that Banks, Autos and OMCs traded mostly in red. E&P sector reversed losses incurred in the past sessions.

Sectors contributing to the performance include Cement (+112 points), E&P (+108 points), Fertilizer (+58 points), Power (+32 points), Technology (+15 points), Tobacco (-33 points), Autos (-22 points) and Banks (-22 points).

Volumes increased from 134 million shares to 165 million shares (+23 percent DoD). Average traded value also increased by 4 percent to reach US$ 47 million as against US$ 45 million.

Stocks that contributed significantly to the volumes include KEL, UNITY, DGKC, PAEL and MLCF, which formed 25 percent of total volumes.

Stocks that contributed positively include LUCK (+54 points), OGDC (+50 points), POL (+30 points), FFC (+21 points), and DGKC (+21 points). Stocks that contributed negatively include HBL (-33 points), PAKT (-33 points), MTL (-15 points), PSMC (-8 points) and BAHL (-7 points).

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