Stock market ends down by 36 points amid narrow band trading

Stock market ends down by 36 points amid narrow band trading

KARACHI: The stock market ended down by 36 points on Wednesday in narrow band trading.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,761 points as against 33,798 points showing decline of 36 points.

Analysts at Arif Habib Limited said that KSE-100 index opened on a positive note, but repeated the activity seen yesterday.

Index traded in a narrow band between+154 points and -127 points, ending the session -36 points from yesterday’s closing. A host of quarterly results were announced today, but failed to leave a positive impression on stock price in a major way.

HASCOL finally announced issuance of400 percent Rights that caused some jitters, with the stock price closing the session near LDCP.

Cement and Steel sectors again showed selling pressure, although some of the key stocks like MUGHAL, ASTL, DGKC, MLCF ended the session positive.

Technology sector again realized highest trading volume with 17.2 million shares, followed by Engineering (16.8million) and Cement (15.9 million).

Among scrips, WTL led the volumes with 13.3million, followed by UNITY (7.5 million) and MLCF (7.1 million).

Sectors contributing to the performance include O&GMCs (+35 points), Tobacco (+31 points), Fertilizer(-39 points), Miscellaneous (-31 points), Banks (-30 points), Power (-21 points).

Volumes declined again from 225.1million shares to 129.8 million shares (-42 percent DoD). Average traded value also declined by 8 percent to reach US$ 32.1 million as against US$ 34.8million.

Stocks that contributed significantly to the volumes include WTL, UNITY, MLCF, HASCOL and ASTL, which formed 32percent of total volumes.

Stocks that contributed positively include PSO (+32 points), PAKT (+31 points), DAWH (+27 points), SEARL (+15points) and MCB (+11 points). Stocks that contributed negatively include PSEL(-24 points), ENGRO (-22 points), HBL (-15 points), LUCK (-15 points), and FFC(-12 points).