Stock market declines by 240 points on selling pressure

KARACHI: The stock market fell by 240 points on Tuesday owing to selling pressure seen in various scrips.

The benchmark KSE-100 index of Pakistan Stock Exchange closed at 42,299 points as against 42,539 points showing a decline of 240 points.

Analysts at Arif Habib Limited said that the market dipped today by 386 points during the session and closed the session -240 points after staging a short recovery.

Cement sector continued performing well, whereas Oil & Gas chain remained under pressure due to decline in International crude oil prices.

Global stock markets have roiled due to the outbreak of NCV in China that also affected commodity markets.

Banking sector stocks also sustained selling pressure that kept the stock prices on the lower side.

Cement sector continued leading the volumes on the bourse with 60.9 million shares, followed by O&GMCs (27.6 million) and Banks (12.4 million).

Among scrips, MLCF led the table with 29.7 million shares, followed by HASCOL (25.4 million) and UNITY (9.9 million).

Sectors contributing to the performance include Banks (-103 points), E&P (-50 points), Fertilizer (-42 points), Inv Banks (-20 points), Chemical (+23 points), Autos (+16 points).

Volumes dipped by 5 percent to reach 189.0 million shares against 198.5 million the other day. Average traded value, however, increased by 2 percent to reach US$ 43.4 million as against US$ 42.5 million.

Stocks that contributed significantly to the volumes include MLCF, HASCOL, UNITY, DGKC and CHCC, which formed 42 percent of total volumes.

Stocks that contributed positively include ICI (+12 points), EPCL (+9 points), INDU (+8 points), ATLH (+5 points) and HCAR (+5 points). Stocks that contributed negatively include HBL (-34 points), MCB (-26 points), PPL (-22 points), DAWH (-19 points), and ENGRO (-18 points).

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