Stock market falls 94 points in narrow range trading

KARACHI: The stock market ended down by 94 points on Monday as it witnessed a narrow range trading.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,539 points as against 42,633 points showing a decline of 94 points.

Analysts at Arif Habib Limited said that the market traded in a narrow range of +105 points and -161 points, closing the session 94 points down from LDCP.

International crude price were significantly down at the opening that caused selling pressure in E&P stocks.

Likewise, rest of the oil & gas chain bore pressure among Refineries and OMCs.

Cement sector, on the other hand, performed well with MLCF and KOHC hitting upper circuits, whereas other Cement stocks also trudged well.

Cement sector led the volumes table with 66 million shares, followed by Transport (35.1 million) and Food (18.9 million).

Among scrips, MLCF topped the volumes with 25.9 million shares, followed by PIBTL (25.2 million) and FCCL (12.1 million).

Sectors contributing to the performance include EP (-93 points), Power (-37 points), Textile (-15 points), Banks (-14 points, Fertilizer (+40 points) and Cement (+19 points).

Volumes registered an increase from 173.4 million shares to 198.5 million shares (+14 percent DoD).

Average traded value declined by 3 percent to reach US$ 42.5 million as against US$ 43.5 million.

Stocks that contributed significantly to the volumes include MLCF, PIBTL, FCCL, PIAA and DGKC, which formed 42 percent of total volumes.

Stocks that contributed positively include ENGRO (+29 points), HBL (+15 points), FFC (+15 points), PIBTL (+9 points) and MLCF (+8 points).

Stocks that contributed negatively include OGDC (-41 points), HUBC (-31 points), POL (-24 points), PPL (-22 points), and MEBL (-15 points).

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