Stock market ends down in range bound trading

Stock market ends down in range bound trading

KARACHI: The stock market ended down by 94 points on Tuesday while trading in range bound on account of profit booking.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 48,633 points as against previous day’s closing of 48,726 points, showing decline of 94 points.

Analysts at Arif Habib Limited said that the market traded range bound today on account of profit booking particularly in refinery, steel, cement and E&P sectors.

Index oscillated between -215 points and +115 points, closing the session -94 points. Technology sector failed to bounce back in the past sessions and similar downtrend was witnessed today.

E&P sector saw prominence of OGDC on the back of anticipated dividend payout, whereas Fertilizer sector remained under pressure after less than anticipated takeaways from the recently announced budget.

Among scrips, KEL topped the volumes with 312.9 million shares, followed by WTL (147.6 million) and BYCO (129.3 million).

Sectors contributing to the performance include Power (+80 points), Chemical (+12 points), Banks (-46 points), E&P (-45 points), Refinery (-24 points).

Volumes increased from 1217.8 million shares to 1224.6 million shares (+0.5 percent DoD). Average traded value declined by 34 percent to reach US$ 180.7 million as against US$ 274.4 million.

Stocks that contributed significantly to the volumes include KEL, WTL, BYCO, HASCOL and POWER, which formed 55 percent of total volumes.

Stocks that contributed positively to the index include HUBC (+52 points), KEL (+29 points), TRG (+28 points), FFC (+18 points) and PSO (+11 points). Stocks that contributed negatively include PPL (-32 points), LUCK (-21 points), SYS (-18 points), ENGRO (-17 points) and EFERT (-15 points).

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