Stock market ends down by 38 points amid bearish trading activity

Stock market ends down by 38 points amid bearish trading activity

KARACHI: The stock market ended down by 38 points on Tuesday owing to bearing trend prevailed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,766 points as against 36,803 points showing a decline of 38 points.

Analysts at Arif Habib Limited said that after making another stride of 368 points the index fell into bearish spell and saw erosion of gains made during the day, ending the session at a loss of 38 points.

Cement sector that garnered the most trading volume on the bourse, traded green for most part of the session, but saw selling activity in LUCK. On the whole, Banking, Fertilizer and Chemical sector largely performed negative and was further contributed by E&P and OMCs, which saw selling pressure by the end of the session.

Cement sector led the volumes with 44.6 million shares, followed by Technology (33.4 million) and Chemical (28.1 million). Among scrips, UNITY saw trading volumes of 16.1 million shares, followed by PAEL (16.1 million) and TRG (14.6 million).

Sectors contributing to the performance include Power (+80 points), Autos (+17 points), Food (+16 points), Technology (+15 points), Fertilizer (-69 points), Banks (-49 points), E&P (-34 points) and INv Banks (-27 points).

Volumes increased from 282.9 million shares to 292.1 million shares (+3 percent DoD). Average traded value also increased by 10 percent to reach US$ 64.3 million as against US$ 58.5 million.

Stocks that contributed significantly to the volumes include UNITY, PAEL, TRG, ISL and FCCL, which formed 24 percent of total volumes.

Stocks that contributed positively include HUBC (+58 points), INDU (+16 points), KAPCO (+14 points), TRG (+12 points) and DGKC (+12 points). Stocks that contributed negatively include FFC (-35 points), DAWH (-25 points), EFERT (-25 points), POL (-20 points), and MCB (-19 points).