KARACHI: The stock market fell by 47 points on Tuesday owing to mixed trading activities during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,675 points as against previous day’s closing of 46,722 points showing a decline of 47 points.
Analysts at Arif Habib Limited said that anticipation of better quarterly results as well as continued Bull Run in international crude oil prices boosted investor confidence to take new positions in O&GMCs, E&P and refinery sectors.
Banking sector stocks remained under selling pressure following the downtrend witnessed in the recent sessions. Power and Refinery sectors also performed well on the expectation of finalization of OMC Policy by the government.
Among scrips, TELE realized trading volume of 62.8 million shares, followed by PRL (43.1 million) and HASCOL (39.7 million).
Sectors contributing to the performance include Banks (-79 points), Pharma (23 points), Textile (-20 points), E&P (+44 points) and O&GMCs (+22 points).
Volumes increased from 428.6 million shares as against 664.0 million shares (+55 percent DoD). Average traded value also increased by 28 percent to reach US$ 178.1 million as against US$ 139.2 million.
Stocks that contributed significantly to the volumes include TELE, PRL, HASCOL, TRG and PIBTL, which formed 32 percent of total volumes.
Stocks that contributed positively to the index include POL (+22 points), PSO (+20 points), KAPCO (+15 points), MEBL (+15 points) and ATRL (+14 points). Stocks that contributed negatively include UBL (-30 points), HBL (-26 points), MCB (-24 points), ENGRO (-13 points) and FCEPL (-12 points).
