Stock market ends down by 389 points on profit taking

Stock market ends down by 389 points on profit taking

KARACHI: The stock market ended down by 389 points on Tuesday owing to profit taking after the market witnessed massive gains during past days.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,735 points as against 40,124 points showing a decline of 389 points.

Analysts at Arif Habib Limited said that the market finally took some correction today when the index slid by around 400 points and closed the session at -389 points.

Selling pressure was mainly observed in Banks, but was otherwise felt in Autos, E&P, Steel and Cement sector as well. Refinery sector performed well with ATRL and NRL hitting upper circuits.

The main idea behind selling appeared profit booking, where the index crossed psychological barrier of 40,000.

Cement sector led the trading volumes with 62 million shares, followed by Technology (51.2 million) and Power (50.1 million).

Among scrips, KEL realized 42.8 million shares I trading volume, followed by TRG (25.3 million) and BOP (19.1 million).

Sectors contributing to the performance include Banks (-116 points), Cement (-80ps), Fertilizer (-67 points), O&GMCs (-21 points) and Chemical (-21 points).

Volumes declined slightly from 557.4mn shares to 448.5 million shares (-20 percent DoD). Average traded value also declined by 12 percent to reach US$ 93 million as against 106.1 million.

Stocks that contributed significantly to the volumes include KEL, TRG, BOP, MLCF and FFL, which formed 27 percent of total volumes.

Stocks that contributed positively include MCB (+27 points), NESTLE (+16 points), SEARL (+15 points), PKGS (+9 points) and EFERT (+9 points). Stocks that contributed negatively include ENGRO (-59 points), UBL (-40 points), LUCK (-37 points), BAHL (-28 points), and SNGP (-21 points).

Leave a Reply

You have to agree to the comment policy.