Stock market declines by 133 points on selling pressure

KARACHI: The stock market ended down by 133 points on Wednesday owing to selling pressure witnessed during the day.

The benchmark KSE-100 of Pakistan Stock Exchange (PSX) closed at 40,531 points as against 40,664 points showing a decline of 133 points.

Analysts at Arif Habib Limited said that the market replicated yesterday’s performance, the index traded range bound from +247 points to -214 points during the session and closed the session at low ebb.

At the start of session, index opened on a positive note with +77 points and 3.74 million shares traded on opening. Volumes improved over the day and cross 300 million mark again.

Selling pressure was evident almost across the board, but mostly observed in Oil & Gas chain and Banks. Cement sector led the volumes with 44.6 million shares followed by Vanaspati (44.5 million) and Banks (31.8 million).

Among scrips, UNITY topped with 44.5 million shares, followed by POWER (16.3 million) and PAEL (15.6 million).

Sectors contributing to the performance include Banks (-50 points), Power (-44 points), Cement (-28 points), Inv Banks (-23 points), Autos (-20 points), Chemical (+14 points), and Textile (+11 points).

Volumes increased from 254.7 million shares to 305.1 million shares (+20 percent DoD). Average traded value also increased by 18 percent to reach US$ 70.0 million as against US$ 59.5 million.

Stocks that contributed significantly to the volumes include UNITY, POWER, PAEL, BOP and KEL, which formed 34 percent of total volumes.

Stocks that contributed positively include MARI (+37 points), FFC (+14 points), COLG (+13 points), SYS (+9 points) and SHFA (+7 points). Stocks that contributed negatively include PPL (-32 points), HUBC (-28 points), DAWH (-18 points), MCB (-18 points), and LUCK (-13 points).

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