Stock market ends down by 93 points on selling pressure

KARACHI: The stock market fell by 93 points on Thursday owing to selling pressure during trading sessions.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,481 points as against 40,575 points showing a decline of 93 points.

Analysts at Arif Habib Limited said that the market traded in a narrow range between +123 points as against -129 points and closed the session with -93 points.

Although crude oil price went up in the international market, listed Oil and Gas chain did not respond to it and faced selling pressure.

HBL dropped significantly over the day after news relating to its exposure in UAE broke whereby UAE Central Bank hinted probing the matter.

Other than E&P, Refineries and OMCs one the downside, Cement and Steel sectors also went down. Cement sector led the volumes with 17 million shares, followed by Banks (15.3 million) and O&GMCs (10.5 million).

Among scrips, HASCOL topped with 8.8 million shares, followed by BOP (8.7 million) and DGKC (8.1 million).

Sectors contributing to the performance include E&P (-40 points), O&GMCs (-26 points), Cement (-25 points), Fertilizer (-19 points), Chemical (+17 points).

Volumes dipped again from 142.9 million shares to 112 million shares (-22 percent DoD). Average traded value also declined by 28 percent to reach US$ 30.6 million as against US$ 42.2 million.

Stocks that contributed significantly to the volumes include HASCOL, BOP, DGKC, UNITY and MLCF, which formed 35 percent of total volumes.

Stocks that contributed positively include UBL (+34 points), COLG (+12 points), BAHL (+12 points), PKGS (+12 points) and IGIHL (+10 points). Stocks that contributed negatively include HBL (-45 points), OGDC (-17 points), MCB (-15 points), PPL (-13 points), and ENGRO (-12 points).

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