Stock market remains flat despite selling activity

KARACHI: The stock market remained flat on Tuesday amid selling activity during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,207 points as against 43,219 points showing a decline of 12 points.

Analysts at Arif Habib Limited said that the market replicated the performance seen yesterday with a sway from +250 points to -123 points and closing the session -12 points.

Mainly Cyclicals faced the music with major selling pressure was witnessed in Cement Stocks (due to higher coal prices) and Steel sector stocks.

E&P sector also saw selling pressure, whereby OGDC, PPL and POL traded in red territory.

EPCL also faced heavy selling after announcement of issuance of Preference Shares.

Banking sector stocks remained in the limelight even today with trading volumes of 44.7 million shares, followed by Technology (42.4 million) and Cement (26.6 million).

Among scrips, BOP managed to realize trading volumes of 18 million shares, followed by TRG (16.5 million) and TPL (14.6 million).

Sectors contributing to the performance include Fertilizer (+48 points), Banks (+21 points), E&P (-53 points), Chemical (-21 points) and Cement (-20 points).

Volumes declined further from 366.2 million shares to 249.7 million shares (-32 percent DoD). Average traded value also declined by 28 percent to reach US$ 50.4 million as against US$ 69.7 million.

Stocks that contributed significantly to the volumes include BOP, TRG, TPL, BYCO and KEL, which formed 31 percent of total volumes.

Stocks that contributed positively include ENGRO (+45 points), UBL (+34 points), HUBC (+23 points), DAWH (+20 points) and EFERT (+7 points). Stocks that contributed negatively include PPL (-27 points), OGDC (-23 points), SNGP (-16 points), COLG (-13 points), and MCB (-10 points).

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