Share market sheds another 281 points

KARACHI: The share market lost another 281 points on Tuesday owing to continued selling pressure.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,191 points as against 34,472 points showing a decline of 281 points.

Analysts at Arif Habib Limited said that the market witnessed a relatively dull session today and continued the downside towards 487 points.

Market made recovery a number of times during the day and the same was observed in last half hour, which saw recovery of close to 200 points at a point in time.

Selling was observed in Cement, Banks, E&P and Autos sectors. Steel, Fertilizer and Sui Utilities remained relatively unscathed.

Cement Sector led the volumes table with 27 million, followed by Power (23 million). KEL led the total volumes with 21 million, followed by MLCF (10 million).

Sectors contributing to the performance include Banks (-86 points), E&P (-43 points), Power (-31 points), Cement (-27 points) and Fertilizer (-23 points).

Volumes increased from 78.7 million shares to 144.1 million shares (+83 percent DoD). Average traded value also increased by 42 percent to reach US$ 26.1 million as against US$ 18.4 million.
Stocks that contributed significantly to the volumes include KEL, MLCF, TRG, PAEL and TPL, which formed 37 percent of total volumes.

Stocks that contributed positively include EFERT (+10 points), PMPK (+10 points), MARI (+7 points), HGFA (+6 points) and BOP (+5 points). Stocks that contributed negatively include HUBC (-30 points), PAKT (-29 points), NESTLE (-23 points), FFC (-21 points) and PPL (-21 points).

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