Stock market ends down by 195 points in range bound activities

Stock market ends down by 195 points in range bound activities

KARACHI: The stock market ended down by 195 points on Wednesday after trading in range bound.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,187 points as against 41,382 points showing a decline of 195 points.

Analysts at Arif Habib Limited said that the market traded range bound today between +306 points and -312 points, closing the session in red with -195 points.

Investors have lately been discounting the back to back good corporate results on concerns of rising COVID cases as well as end of Earnings season that has regressed the market to current levels.

E&P stocks went down (with the exception of PPL) following the downtrend in international crude oil prices, which declined 2.5 percent overnight.

PPL, on the other hand, saw brisk buying in the last half hour, making day’s high.

Among construction sector, STCL hit upper circuit, garnering significant trading volumes in the process, on the back of better expectation of results and construction activity to take place at the behest of the government.

Among scrips, UNITY led the volumes with 60.1 million shares, followed by PIBTL (31.2 million) and HASCOL (26.8 million).

Sectors contributing to the performance include Banks (-85 points), Cement (-67 points), Textile (-44 points), Pharma (-37 points) and O&GMCs (-19 points).

Volumes declined from 481 million shares to 368.4 million shares (-23 percent DoD). Average traded value also declined by 18 percent to reach US$ 94.3 million as against US$ 114.8 million.

Stocks that contributed significantly to the volumes include UNITY, PIBTL, HASCOL, HUBC and POWER, which formed 40 percent of total volumes.

Stocks that contributed positively to the index include HUBC (+96 points), PPL (+19 points), THALL (+13 points), GHGL (+13 points) and DAWH (+10 points). Stocks that contributed negatively include LUCK (-48 points), SEARL (-39 points), UBL (-30 points), HBL (-27 points) and POL (-23 points).

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