Stock market declines by 103 points

KARACHI: The stock market declined by 103 points on Tuesday amid positive vibes of FATF proceedings, which maintained interest of investors, analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange closed at 34,084 points as against 34,186 points showing a decline of 103 points.

Analysts at Arif Habib Limited said that the index lost another 100 points, after an oscillation of +73 points and -257 points, but maintained the 34,000 level.

Largely, Oil and Gas chain and Auto sector kept the index under pressure, which was due to lower international crude prices.

Second day of FATF proceedings, on the whole, gave positive vibes that helped investors maintain interest. Brokerage commission, which also proved to be an issue yesterday had a slight impact on the activity.

Volumes, nonetheless, inched up over the day. Cement sector again led the volumes with 27.5 million shares, followed by Technology (26.7 million) and Chemical (18 million) stocks. Technology sector stocks have lately been in the limelight for some time now, courtesy of WTL. Among scrips, WTL led the table with 18.3 million shares, followed by FCCL (14.3 million) and LOTCHEM (8.7 million).

Sectors contributing to the performance include E&P (-59 points), Power (-45 points), Fertilizer (-18 points), O&GMCs (-12 points) and Chemical (+7 points).

Volumes increased from 137.9 million shares to 1562 million shares (+13 percent DoD). Average traded value also increased by 10 percent to reach US$ 33.9 million as against US$ 30.8 million.

Stocks that contributed significantly to the volumes include WTL, FCCL, LOTCHEM, EPCL and UNITY, which formed 35 percent of total volumes.

Stocks that contributed positively include HBL (+9 points), FCCL (+9 points), FABL (+8 points), COLG (+6 points) and MCB (+6 points). Stocks that contributed negatively include HUBC (-41 points), POL (-23 points), OGDC (-21 points), SNGP (-14 points), and ENGRO (-11 points).

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