Business News

Pakistan Stock Exchange

Stock market ends down by 161 points in narrow range trading

KARACHI: The stock market ended down by 161 points on Tuesday after trading in a narrow range activity during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,729 points as against previous day’s closing of 45,890 points showing a decline of 161 points.

Analysts at Arif Habib Limited said that the market traded in a narrow range between -227 points and +194 points, closing the session -161 points.

E&P sector remained positive throughout the session on the back of an uptrend in international crude oil prices, however, the upside in E&P stocks remained in check.

Banks, Cement, O&GMCs continued downtrend post announcement of half yearly / annual results. Technology stocks saw reversal after hitting session’s high and closed in red.

HASCOL announced increase in authorized share capital that insinuated a capital raise and saw profit booking with an eventual closing below LDCP. Among scrips, WTL led the table with 84.2 million shares, followed by BYCO (70.2 million) and MDTL (55.4 million).

Sectors contributing to the performance include E&P (+47 points), Fertilizer (+21 points), Textile (+21 points), Technology (-98 points) and Banks (-65 points).

Volumes declined from 722 million shares to 718.2 million shares (-0.5 percent DoD). Average traded value also declined by 2 percent to reach US$ 159 million as against US$ 162.1 million.

Stocks that contributed significantly to the volumes include WTL, BYCO, MDTL, TRG and DCL, which formed 38 percent of total volumes.

Stocks that contributed positively to the index include ENGRO (+24 points), PPL (+23 points), OGDC (+16 points), ILP (+16 points) and HMB (+12 points). Stocks that contributed negatively include TRG (-90 points), HBL (-43 points), MEBL (-17 points), PSO (-14 points) and THALL (-13 points).