KARACHI: The stock market declined by 36 points on Tuesday amid selling pressure seen during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,650 points as against previous day’s close of 44,686 points showing a decline of 36 points.
Analysts at Arif Habib Limited said that the market saw selling pressure from the start of trading session, which was primarily caused by an overnight decline in crude oil prices as well as profit booking in Power, O&GMCs and Fertilizer sector stocks.
Cement and Steel sector stocks bounced back today after yesterday’s selling activity on the back of healthy growth in cement dispatches.
Chemical sector stocks also performed well on close of quarter and anticipation of posting better earnings.
Among scrips, HUMNL topped the volumes with 68.4 million shares, followed by PRL (58.1 million) and TRG (31 million).
Sectors contributing to the performance include E&P (-108 points), Power (-53 points), O&GMCs (-33 points), Fertilizer (-10 points) and Technology (+46 points).
Volumes increased from 540.8 million shares to 582.4 million shares (+8 percent DoD). Average trading value, on the contrary, declined by 9 percent to reach US$ 151 million as against US$ 166.3 million.
Stocks that contributed significantly to the volumes include HUMNL, PRL, TRG, PAEL and KAPCO, which formed 36 percent of total volumes.
Stocks that contributed positively to the index include TRG (+43 points), KAPCO (+25 points), HBL (+20 points), SEARL (+17 points) and MCB (+16 points). Stocks that contributed negatively include HUBC (-74 points), PPL (-55 points), OGDC (-41 points), PSO (-19 points) and POL (-12 points).
