Stock market ends down by 152 points on selling pressure

Stock market ends down by 152 points on selling pressure

KARACHI: The stock market ended down by 152 points on Wednesday amid selling pressure witnessed during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 48,481 points as against previous day’s closing of 48,633 points, showing a decline of 152 points.

Analysts at Arif Habib Limited said that the market saw persistent selling pressure that was felt across the board and made the index trade between -201 points and +246 points, closing the session -152 points.

Among E&P, OGDC and PPL both traded below LDCP against POL, which showed price uptick. Cement sector also traded in a narrow range. Although KEL & WTL retained top slot, volumes remained relatively low. Among scrips, KEL realized 114.9 million shares in trading, followed by WTL (86.4 million) and BYCO (63 million).

Sectors contributing to the performance include Textile (+25 points), Cement (-54 points), Banks (-33 points), Chemical (-24 points), Fertilizer (-17 points) and Pharma (-16 points).

Volumes declined from 1224.5 million shares to 936.7 million shares (-24 percent DoD). Average traded value also declined by 21 percent to reach US$ 142.7 million as against US$ 179.8 million.

Stocks that contributed significantly to the volumes include KEL, WTL, BYCO, HASCOL and GGGL, which formed 38 percent of total volumes.

Stocks that contributed positively to the index include HUBC (+27 points), PAKT (+17 points), POL (+16 points), KTML (+16 points) and SRVI (+9 points). Stocks that contributed negatively include ENGRO (-21 points), PPL (-17 points), COLG (-15 points), KEL (-14 points) and DGKC (-14 points).

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