KARACHI: The stock market ended down by 664 points on Friday as various negative reports were flowing on economic front.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 28,765 points as against 29,429 points showing a decline of 664 points.
Analysts at Arif Habib Limited said that the market continued trending down even after a break of a week. A host of negative news flow on economic front as well as on the border kept Investors’ nerves jittery.
Mutual Funds have lately been the dominant seller, for reasons of redemption, in E&P, Power and Banking sectors.
Other than ISL (financial results due to be announced on Aug 19th) and NCL (news of Buy back), both of which hit upper circuit, majority stocks went down.
PPL hit lower circuit in the closing minutes, whereas LUCK also traded at lower circuit.
E&P sector led the volumes table with 9.7 million shares, followed by Cement (9.1 million) and Banks (7.2 million). PPL did the most volume with 6.3 million shares, followed by MLCF (3.8 million) and ISL (3.7 million).
Sectors contributing to the performance include E&P (-169 points), Fertilizer (-144 points), Banks (-100 points), Cement (-63 points), Power (-54 points).
Volumes declined further from 76.4 million shares to 65.1 million shares (-15 percent DoD). Average traded value on the contrary increased by 11 percent to reach US$ 21.5 million as against US$ 19.5 million.
Stocks that contributed significantly to the volumes include PPL, MLCF, ISL, OGDC and EPCL, which formed 31 percent of total volumes.
Stocks that contributed positively include DAWH (+5 points), ISL (+5 points), MCB (+4 points), BAFL (+4 points) and NCL (+3 points). Stocks that contributed negatively include ENGRO (-70 points), PPL (-62 points), OGDC (-61 points), FFC (-52 points) and LUCK (-48 points).