Stock market ends down by 633 points on political noise

Stock market ends down by 633 points on political noise

KARACHI: The stock market fell by 633 points on Wednesday owing to selling pressure observed during the day due to political noise and pressure in international markets.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,571 points as against 41,204 points, showing a decline of 633 points.

Analysts at Topline Securities said that lackluster activity was observed during the initial hours of trade, however market came under pressure during the latter hours of trade to close at 40,571 level.

Pressure in the market can largely be attributed to selling pressure in international markets along with political noise.

Major contribution to the index came from UBL, HUBC, ENGRO, TRG and OGDC, as they cumulatively contributed 193 points to the index.

HASCOL was today`s volume leader with around 87 million shares; notice to the exchange from the company disclosing that an executive of the company has sold 8.7 million shares triggered selling in the oil marketing company, as the scrip closed 7 percent lower.