KARACHI: The stock market fell by 487 points on Friday as bearish trend prevailed on major scrips.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 29,672 points as against 30,159 points showing a decline of 487 points.
Analysts at Arif Habib Limited said that the market traded in a narrow band of +/-150 points during the first session, and closed the session at -86 points.
Bearish pressure carried on in E&P sector from yesterday and saw appointment of financial advisor by Privatization Commission for OGDC and PPL.
Besides, Fertilizer Sector that came out as winner due to resolution of GIDC issue, also came under fire with significant declines in prices from yesterday’s close. O&GMCs, E&P, Fertilizer, Cement sectors saw selling activity, with Technology sector leading the volumes table with 13.4 million shares, followed by Power (12.8 million) and Cement (11.6 million).
Among scrips, KEL realized the most volume with 10 million shares, followed by WTL (5.3 million) and MLCF (4.7 million).
Sectors contributing to the performance include E&P (-126 points), Fertilizer (-106 points), Power (-80 points), Banks (-71 points), O&GMCs (-45 points), Tobacco (+31 points), Inv Banks (+19 points), Food (+18 points).
Volumes declined further from 118.6 million shares to 110.0 million shares (-7 percent DoD). Average traded value also declined by 10 percent to reach US$ 25.3 million as against US$ 27.9 million.
Stocks that contributed significantly to the volumes include KEL, WTL, MLCF, TRG and UNITY, which formed 27 percent of total volumes.
Stocks that contributed positively include PAKT (+31 points), MCB (+26 points), DAWH (+19 points), NESTLE (+14 points) and MUREB (+9 points). Stocks that contributed negatively include OGDC (-58 points), HUBC (-56 points), PPL (-51 points), and FFC (-39 points).