Stock market ends down by 165 points on political uncertainty

Stock market ends down by 165 points on political uncertainty

KARACHI: The stock market fell by 165 point on Wednesday owing to ongoing political uncertainty.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,604 points as against 41,769 points showing a decline of 165 points.

Analysts at Arif Habib Limited said that the market took a bearish tone today with the ongoing political uncertainty that caused investors to book profits.

E&P stocks, particularly, bore significant selling pressure and traded in the red zone.

During the session, index oscillated between +152 points and -379 points and closed the session -165 points. Oil & Gas chain had the most impact on index.

Sectors contributing to the performance include E&P (-136 points), O&GMCs (-31 points), Tobacco (-18 points), Investment Banks (+51 points), Power (+29 points) and Banks (+25 points).

Volumes declined from 412.4 million shares to 276.2 million shares (-33 percent DoD). Average traded value also declined by 31 percent to reach US$ 78.5 million as against US$ 113.6 million.

Stocks that contributed significantly to the volumes include BOP, UNITY, FFL, KEL, HASCOLR1, which formed 24 percent of total volumes.

Stocks that contributed positively include DAWH (+55 points), HUBC (+42 points), MEBL (+15 points), SHFA (+9 points) and UBL (+9 points). Stocks that contributed negatively include OGDC (-66 points), PPL (-55 points), NESTLE (-17 points), BAHL (-15 points), and LUCK (-15 points).