Stock market eases by 64 points in range bound trading

Stock market eases by 64 points in range bound trading

KARACHI: The stock market witnessed a decline of 64 points on Wednesday while trading in range bound trading during the day.

The Index closed at 48,127 points as against previous day’s closing of 48,191 points, showing a decline of 64 points.

Analysts at Arif Habib Limited said that the market traded range bound today, oscillating between +95 points and -231 points and closed the session -64 points.

E&P, Cement, Banks and Fertilizer sector stocks saw profit booking with the exception of KAPCO and PSO, on the back of an expectation of release of payment related to circular debt.

Persistent increase in coal prices over the past couple of weeks caused an eclipse in cement sector.

Among scrips, WTL led the table with 202.6 million shares, followed by BYCO (59.1 million) and PTC (36.2 million).

Sectors contributing to the performance include E&P (-50 points), Cement (-29 points), Banks (-25 points), Technology (-23 points) and Fertilizer (-11 points).

Volumes declined further from 1,392 million shares to 1,046 million shares (-25 percent DoD). Average traded value also declined by 9 percent to reach US$ 179.5 million as against US$ 197 million.

Stocks that contributed significantly to the volumes include WTL, BYCO, PTC, UNITY and ANL, which formed 35 percent of total volumes.

Stocks that contributed positively to the index include KAPCO (+15 points), NBP (+14 points), HCAR (+14 points), SHFA (+13 points) and UNITY (+13 points). Stocks that contributed negatively include HBL (-35 points), OGDC (-21 points), PPL (-10 points), LUCK (-16 points) and TRG (-14 points).

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