KARACHI: The stock market ended down by 272 points on Monday as selling pressure witnessed during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,593 points as against last Friday’s closing of 45,865 points, showing a decline of 272 points.
Analysts at Arif Habib Limited said that the market saw a major draw down today by losing 772 points during the session.
Initially, the index gained 144 points, however, across the board selling pressure brought the index down. Supreme Court’s decision on Senate Election was viewed against the back drop of Govt.’s plea and concerned investors to keep the liquidity intact rather than hold on to positions.
TRG announced financial results today, which saw profit booking that brought the stock below LDCP. Among the few stocks that traded positive include STCL, MUGHAL, ATRL, NRL. Last half an hour saw brisk buying with index closing -255 points (unadjusted). Among scrips, ANL topped the volumes with 31.7 million shares, followed by TRG (24.6 million) and UNITY (21.1 million).
Sectors contributing to the performance include Banks (-103 points), Textile (-27 points), Pharma (-26 points), Power (-23 points), Technology (-19 points) and Chemical (+22 points).
Volumes declined from 479.9 million shares to 368.3 million shares (-23 percent DoD). Average traded value also declined by 29 percent to reach US$ 116.4 million as against US$ 162.8 million.
Stocks that contributed significantly to the volumes include ANL, TRG, UNITY, HUMNL and BYCO, which formed 32 percent of total volumes.
Stocks that contributed positively to the index include EPCL (+18 points), COLG (+12 points), PAKT (+9 points), LUCK (+8 points) and ANL (+6 points). Stocks that contributed negatively include UBL (-39 points), HBL (-32 points), BAHL (-18 points), PSO (-13 points) and MARI (-12 points).
