Stock market ends down by 315 points on heavy selling

KARACHI: The stock market ended down by 315 points on Wednesday owing to heavy selling pressure.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,401 points as against 32,716 points showing a decline of 315 points.

Analysts at Arif Habib Limited said that although market opened +10 points and went up by 49 points during the session, the index bore heavy selling pressure with a slide of 315 points by end of session.

E&P, Fertilizer, Autos, Cement and Banking sectors bled throughout the day.

Financial results of HBL and SNGP were announced during the session, whereby SNGP received heavy bantering in the last half hour and HBL also saw selling pressure upon announcement of lower than anticipated results.

Investor sentiment remained at low ebb anticipating poor results from listed entities.

Another important indicator for market would be PIB auction, where an inverted yield curve is anticipated to lure investors back to equities in the medium term.

Sectors contributing to the performance include E&P (-70 points), Fertilizer (-63 points), Banks (-52 points), Power (-49 points) and O&GMCs (-21 points).

Volumes declined from 97 million shares to 84.2 million shares (-13 percent DoD). Average traded value declined by 4 percent to reach US$ 21 million as against US$ 21.8 million.

Stocks that contributed significantly to the volumes include UNITY, MLCF, DGKC, PAEL and TRG, which formed 37 percent of total volumes.

Stocks that contributed positively include MCB (+17 points), INDU (+8 points), DGKC (+7 points), IGIHL (+4 points) and AGP (+4 points). Stocks that contributed negatively include ENGRO (-41 points), HUBC (-35 points), HBL (-33 points), PPL (-28 points) and FFC (-18 points).

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