KARACHI: The stock market fell by 390 points on Tuesday as selling seen in major scripts during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,293 points as against previous day’s closing of 45,683 points, showing a decline of 390 points.
Analysts at Arif Habib Limited said that excitement observed yesterday withered away when the benchmark index saw a decline of 513 points during the session.
The scrips that saw selling today included OGDC, PPL, PSO which performed well the other day. Investor sentiment remained at a low ebb throughout the session with persistent selling in O&GMCs, E&P, Cement and Steel sectors. Among Tech stocks,
TRG closed below LDCP whereas NETSOL hit upper circuit. Volume leaders include TELE with 48.1 million shares, followed by UNITY (43.4 million) and FLYNGR (26.5 million).
Sectors contributing to the performance include E&P (-182 points), Fertilizer (-58 points), O&GMCs (-50 points), Cement (-45 points) and Power (-34 points).
Volumes declined from 409 million shares to 366.8 million shares (-10 percent DoD). Average traded value also declined by 28 percent to reach US$ 112.1 million as against US$ 155.1 million.
Stocks that contributed significantly to the volumes include TELE, UNITY, FLYNGR, TRG and ANL, which formed 41 percent of total volumes.
Stocks that contributed positively to the index include NRL (+14 points), DAWH (+14 points), HBL (+12 points), AICL (+11 points) and ICI (+11 points). Stocks that contributed negatively include OGDC (-71 points), PPL (-59 points), ENGRO (-46 points), POL (-44 points) and PSO (-40 points).
