Stok market falls by 65 points in narrow trading

KARACHI: The stock market ended down by 65 points on Friday in a narrow range trading of 86 points and -267 points with total volume of 103 million shares.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX)closed at 31,481 points as against 31,546 points showing a decline of 65 points.

Analysts at Arif Habib Limited said that the market traded in a narrow range today between +83 points and -267 points with a total volume of 103 million shares.

Mixed trend was witnessed in E&P scrips that brought the index in red zone. Cement and Steel sector scrips also made positive moves with ASTL and MUGHAL hitting upper circuits.

Stocks that contributed to selling pressure mainly included HUBC, HBL and MLCF. Cement sector led the volumes table with 18.7 million shares followed by E&P (7.1 million) and Engineering (8.2 million). Among scrips, MLCF ranked top with 7.5 million shares followed by UNITY (7.1 million) and OGDC (6.8 million).

Sectors contributing to the performance include Cement (+43 points), Fertilizer (+16 points), Insurance (+11 points), Banks (-116 points), Autos (-23 points), Power (-23 points).

Volumes declined from 185.8 million shares to 103 million shares (-45 percent DoD). Average traded value also declined by 43 percent to reach US$ 29.9 million as against US$ 52 million.

Stocks that contributed significantly to the volumes include MLCF, UNITY, OGDC, PAEL and LOTCHEM, which formed 30 percent of total volumes.

Stocks that contributed positively include LUCK (+47 points), EFERT (+15 points), KAPCO (+15 points), PPL (+14 points) and UBL (+10 points). Stocks that contributed negatively include HBL (-69 points), HUBC (-35 points), MCB (-34 points), MARI (-17 points), and BAHL (-17 points).

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