KARACHI: The stock market ended down by 93 points on Wednesday while trading in a narrow range during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,307 points as against previous day’s closing of 45,400 points, showing a decline of 93 points.
Analysts at Arif Habib Limited said that the market traded in a narrow range today between -174 points and +227 points, closing the session -93 points.
Investors already appeared somewhat despondent of the financial results and indifference of pertinent stocks to those results, NCOC’s hint towards lock down of major cities added fuel to fire.
Selling pressure ensued that brought the index down, eroding the gains earlier made in the session. O&GMCs, E&P, Cement and Steel sector stocks bore the brunt and waning investor confidence had its bearing on technology stocks as well.
Among volume leaders, TRG led the table with 46.7 million shares, followed by WTL (42.8 million) and UNITY (37.5 million).
Sectors contributing to the performance include Technology (+72 points), Banks (+59 points), Fertilizer (+18 points), Cement (76 points), E&P (-45 points), and Engineering (-24 points).
Volumes increased from 343.2 million shares to 387.9 million shares (+13 percent DoD). Average traded value also increased by 36 percent to reach US$ 126.5 million as against US$ 92.8 million.
Stocks that contributed significantly to the volumes include TRG, WTL, UNITY, GGL and TELE, which formed 45 percent of total volumes.
Stocks that contributed positively to the index include TRG (+88 points), ENGRO (+37 points), NBP (+22 points), KTML (+18 points) and EFERT (+13 points). Stocks that contributed negatively include LUCK (-28 points), FFC (-22 points), POL (-18 points), OGDC (-16 points) and ISL (-15 points).
