Stock market ends down by 160 points amid positive sentiments

KARACHI: The stock market ended down by 160 points on Tuesday due to profit taking despite positive sentiments prevailed in the market.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,476 points as against 33,636 points showing a decline of 160 points.

Analysts at Arif Habib Limited said that the market traded in a narrow range but oscillated between +235 points and -228 points, and closed the session -160 points.

Market has until now seen a gradual ascend with a cumulative increase of 5200 points amidst brief consolidation.

The overall sentiment appears still positive, though investors seek profit booking and switching positions from one sector to another.

Selling activity was observed generally across the board with disregard to sectorial fundamentals, however, cement sector sustained the most.

Traded volume fell short of yesterday’s high volumes, but managed to post a decent number above 200 million. Cement sector led the table with 31.9 million shares followed by Engineering (26.7 million) and Banks (24.6 million).

Among scrips, UNITY topped the volumes with 21.5 million shares, followed by TRG (15.6 million) and PAEL (13.3 million).

Sectors contributing to the performance include O&GMCs (-31 points), Cement (-29 points), Power (-21 points), E&P (-18 points) and Pharma (-17 points).

Volumes declined from 392.1 million shares to 242.9 million shares (-38 percent DoD). Average traded value also declined by 12 percent to reach US$ 56.9 million as against US$ 64.7 million.

Stocks that contributed significantly to the volumes include UNITY, TRG, PAEL, BOP and PIBTL, which formed 28 percent of total volumes.

Stocks that contributed positively include HBL (+20 points), FFC (+14 points), POL (+11 points), MARI (+11 points) and COLG (+11 points). Stocks that contributed negatively include PPL (-35 points), PSO (-22 points), ENGRO (-20 points), HUBC (-20 points), and SEARL (-15 points).

Leave a Reply

You have to agree to the comment policy.