Share market plunges by 447 points on massive selling in energy scrips

KARACHI: The share market plunged by 447 points on Monday owing to massive selling in energy scrips.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,742 points as against 34,190 points showing a decline of 447 points.

Analysts at Arif Habib Limited said that the market shed points heavily again, after a brief respite of +40 points earlier during the session.

Concerns over release of Rs. 200 billion Sukuk for O&GMCs, and Power sector saw major bearing on these very sectors and aggressive selling was observed in both SNGP, PSO and HUBC.

Traded volumes remained anemic today, ending the session just below 60 million mark at 59.5 million shares.

Power Sector posted highest traded volumes at 10 million shares (mainly contributed by KEL with 7.4 million shares), however, HUBC impact the index more with 2.5 million shares traded at the bourse. Cement sector ranked second with 9.3M shares, mainly contributed by MLCF (4.4 million).

Sectors contributing to the performance include Bans (-120 points), E&P (-77 points), O&GMCs (-556 points), Power (-37 points) and Cement (-30 points).

Volumes increased slightly from 51 million shares to 59 million shares (+16 percent DoD). Average traded value increased by 26 percent to reach US$ 15 million as against US$ 11.9 million.

Stocks that contributed significantly to the volumes include KEL, MLCF, TRG, BOP and DGKC, which formed 37 percent of total volumes.

Stocks that contributed positively include FFC (+2 points), SYS (+2 points), THALL (+2 points), APL (+2 points) and MARI (+1pt). Stocks that contributed negatively include HBL (-53 points), PPL (-38 points), OGDC (-26 points), PSO (-25 points) and SNGP (-21 points).

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