KARACHI: The stock market witnessed decline of another 520 points on Wednesday owing to selling pressure.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,338 points as against 38,858 points showing a decline of 520 points.
Analysts at Arif Habib Limited said that the market observed continuation of downward trend today with index falling by 784 points during the session and closing -520 points.
Similar to previous couple of sessions, foreign selling kept the local investors cautious despite positive news triggers. International crude price traded below US$50/bbl that caused E&P and OMC stocks to slide.
Similarly, Banking sector saw profit booking by concerned investors as foreign selling continued unabated.
Vanaspati segment realized trading volumes of 29.8 million shares, followed by O&GMCs 1(17.4 million) and Cement (16 million).
Among scrips, UNITY led the volumes with 29.8 million shares, followed by HASCOL (10.4 million) and TRG (7.5 million).
Sectors contributing to the performance include Fertilizer (-78 points), Banks (-77 points), Power (-68 points), O&GMCs (-50 points) and Inv Banks (-50 points).
Volumes increased from 124.3 million shares as against 147.8 million shares (+19 percent DoD). Average traded value also increased by 16 percent t reach US$ 45.1 million as against US$ 38.6 million.
Stocks that contributed significantly to the volumes include UNITY, HASCOL, TRG, BOP and MLCF, which formed 40 percent of total volumes.
Stocks that contributed positively include HMB (+9 points), SCBPL (+4 points), MUREB (+3 points), SHFA (+2 points) and SEARL (+2 points).
Stocks that contributed negatively include HUBC (-63 points), ENGRO (-56 points), DAWH (-48 points), UBL (-38 points), and PAKT (-32 points).
