KARACHI: The stock market fell by 445 points on Tuesday due to selling pressure observed during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,889 points as against the previous day’s close of 43,334 points showing a decline of 445 points.
Analysts at Arif Habib Limited said that the market opened on a positive note today and added 145 points on the board, before collapsing under the selling pressure from E&P, Banks and Cement sector stocks.
International crude oil prices remained subdued after yesterday’s blow and caused selling pressure in E&P stocks.
Similarly, foreign investors have been spring cleaning their holdings in the banking sector, before the close of the Calendar year, which has played a significant role in bringing the index as compared to the general ‘ill-founded’ notion of rollover week pressure. WTL snatched the top slot in trading volumes by posting 70.7 million, followed by ICIBL (30.8 million) and TRG (23.6 million).
Sectors contributing to the performance include Banks (-102 points), E&P (-54 points), Cement (-38 points), Technology (-35 points) and Autos (-31 points).
Volumes increased from 516.4 million shares to 561.9 million shares (+9 percent DoD). Average traded value maintained the level at US$ 140.9 million as against US$ 140.3 million (+0.4 percent DoD).
Stocks that contributed significantly to the volumes include WTL, ICIBL, TRG, TELE and PRL, which formed 30 percent of total volumes.
Stocks that contributed positively to the index include GHGL (+12 points), FFC (+10 points), SHEL (+9 points), ILP (+7 points) and KTML (+6 points). Stocks that contributed negatively include TRG (-40 points), PPL (-32 points), UBL (-25 points), MCB (-23 points) and ENGRO (-23 points).
