Stock market shed 73 points in range bound activity

KARACHI: The stock exchange declined by 73 points on Friday in a range bound trading activity.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,111 points as against 32,184 points showing a decline of 73 points.

Analysts at Arif Habib Limited said that the market remained range bound today, trading above 32,000 level, although moved between +149 points and -129 points during the day.

Volumes again registered healthy growth from 137 million shares yesterday to 153 million shares.

Oil Chain remained under selling pressure with the exception of PSO that showed considerable gain.

Banks, Steel, Cement also downplayed, which brought the index under pressure in the second session. MLCF issued financial results today that saw 85 percent right issuance besides nominal dividend of 5 percent.

By the end of session, MLCF hit lower circuit and closed at that level. Cement sector led the volumes with 26.3 million shares followed by Technology (16 million) and Chemical (13.4 million).

Scrip wise activity reflects MLCF registering 18 million shares, followed by TRG (6.9 million) and PIBTL (6.6 million).

Sectors contributing to the performance include Cement (-49 points), Banks (-25 points), Technology (-11 points), Investment Banks (+29 points), O&GMCs (+15 points).

Volumes increased further increased from 137 million shares to 153 million shares (+12 percent DoD). Average traded value on the contrary witnessed slight decline of 1.3 percent DoD to reach US$ 37.2 million as against US$ 37.7 million.

Stocks that contributed significantly to the volumes include MLCF, TRG, PIBTL, LOTCHEM and UNITY, which formed 29 percent of total volumes.

Stocks that contributed positively include DAWH (+30 points), PPL (+20 points), PSO (+14 points), BAFL (+12 points) and EPCL (+7 points). Stocks that contributed negatively include OGDC (-22 points), HBL (-19 points), LUCK (-18 points), FCCL (-8 points), and TRG (-8 points).

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