Share market extends losses on negative sentiments

KARACHI: The share market extended losses on Tuesday owing to investors sentiments grappled by prospects of global slowdown amidst SINO-US trade war and Kashmir issues between Indo-Pak.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,001 points as against 31,181 points showing a decline of 180 points.

Analysts at Arif Habib Limited said that the market initially went down by 147 points and reverted the loss by around +300 points to post gain of 149 points.

Carrying the trend from yesterday, HUBC kept falling that reflected the pressure on Index amongst other scrips such as HBL, UBL, PSO, MCB, NBP.

Volumes remained low at 54 million shares. Cement sector led the volumes table with 7.7 million shares, followed by Power (5.9 million) and Technology (4.7 million).

MLCF ranked first amongst volume leaders with 4.8 million shares, followed by KEL (3.1 million) and HUBC (2.4 million).

Sectors contributing to the performance include Banks (-94 points), Power (-37 points), Chemical (-18 points), O&GMCs (-17 points), Autos (-12 points) and Fertilizer (+26 points).

Volumes increased slightly from 52 million shares to 54.3 million shares. Average traded value on the contrary jumped by 49 percent to reach US$ 16.8 million as against US$ 11.2 million.

Stocks that contributed significantly to the volumes include MLCF, KEL, HUBC, TRG and FFC, which formed 27 percent of total volumes.

Stocks that contributed positively include FFC (+19 points), POL (+11 points), DAWH (+10 points), HBL (+6 points) and GHGL (+5 points).

Stocks that contributed negatively include UBL (-38 points), MCB (-37 points), HUBC (-26 points), COLG (-12 points) and THALL (-10 points).

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