Share market sheds 369 points on disappointing financial results of major scrips

KARACHI: The share market ended down by 369 points on Monday following disappointing financial results by many major scrips.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,734 points as against 32,103 points showing a decline of 369 points.

Analysts at Arif Habib Limited said that the market continued trimming down, where the index shed 386 points during the session and ended at -369 points.

Key results announced today were by Attock Group, which declared results for ATRL, NRL, ACPL and POL. With the exception of POL, all the other companies failed to impress the investors.

POL’s price appreciated from yesterday’s closing and also resulted in improved volumes. Overall volumes remained poor at 46 million shares, contributed by Cement (7.5 million), Power (7.3 million) and Banks (4.8 million). Among scrips, KEL topped the charts with 6.3 million shares, followed by MLCF (3.7 million).

Sectors contributing to the performance include Banks (-80 points), Fertilizer (-49 points), Power (-48 points), Cement (-42 points), and O&GMCs (-39 points).

Volumes declined again from 86.5mn shares to 45.5mn shares (-47 percent DoD). Average traded value also declined by 22 percent to reach US$ 9.4 million as against US$ 12.1 million.

Stocks that contributed significantly to the volumes include KEL, MLCF, TRG, PIBTL and BOP, which formed 40 percent of total volumes.

Stocks that contributed positively include KAPCO (+4 points), FATIMA (+3 points), POL (+3 points), AGP (+3 points) and HMB (+3 points). Stocks that contributed negatively include HUBC (-40 points), UBL (-27 points), ENGRO (-27 points), BAFL (-19 points) and PPL (-19 points).

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