Share market sheds another 76 points

KARACHI: The share marked extended losses on Tuesday after shedding another 76 points amid selling pressure.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,658 points as against 31,734 points showing a decline of 76 points.

Analysts at Arif Habib Limited said that the market traded mostly in negative zone with a total loss of 248 points, which narrowed by the end of session close to -76 points and closing at 31,658 points.

E&P, Refinery with the exception of O&GMCs contributed to selling pressure.

Besides, Cement sector continued the downtrend while leading the volumes on the index.

For the past 3 months, except for the rollover week, Cement sector stocks have been coming off gradually.

Although the overall volumes registered a notch above 50 million (still anemic), volumes were mainly contributed by Cement Sector (13.5 million), followed by Banks (5.7 million) and Technology (5.1 million).

MLCF topped the chart with 4.7 million shares followed by TRG (3.8 million).

Sectors contributing to the performance include Commercial Banks (-41 points), Tobacco (-27 points), Cement (-17 points), Food and Personal Care Products (-13 points), and E&Ps (-13 points).

Volumes increased from 45.8 million shares to 51.3 million shares (+12 percent DoD). Average traded value also increased by 40 percent to reach US$ 13.2 million as against US$ 9.4 million.

Stocks that contributed significantly to the volumes include MLCF, TRG, KEL, FCCL and PAEL, which formed 35 percent of total volumes.

Stocks that contributed positively include POL (+18 points), ENGRO (+12 points), and BAFL (+8 points). Stocks that contributed negatively include PAKT (-27 points), HBL (-27 points), PPL (-19 points), OGDC (-18 points) and NESTLE (-13 points).

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