Stock market ends flat after trading moves both ways

Stock market ends flat after trading moves both ways

KARACHI: The stock exchange market ended with 12 points gain on Monday after trading moved both ways.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,219 points as against 43,208 points showing an increase of 12 points.

Analysts at Arif Habib Limited said that the market moved both ways with an opening of +83 points and oscillating between +246 points and -169 points during the session.

The session ended -12 points. Oil & Gas chain remained under pressure throughout the session, with PSO touching session’s low of 210, but bounced back in MoC, crossing 218.

Refineries also faced selling pressure, with the exception of BYCO that was recently added to benchmark Islamic Index.

Among banking sector scrips, BOP and SMBL realized trading volumes in excess of 20 percent of total traded volumes.

Overall, Banking sector stocks led the volumes with 123.6 million shares, followed by Cement (46.2 million) and Technology (41.1 million).

Among scrips, BOP topped the volumes with 34.9 million shares, followed by SMBL (34.9 million) and SILK (24.8 million).

Sectors contributing to the performance include Banks (+46 points), E&P (+18 points), Textile (+17 points), Tobacco (-32 points), Fertilizer (-31 points).

Volumes declined from 400.1 million shares to 366 million shares (-9 percent DoD). Average traded value also declined by 30 percent to reach US$ 69.7 million as against US$ 100 million.

Stocks that contributed significantly to the volumes include BOP, SMBL, SILK, TRG and TPL, which formed 35 percent of total volumes.

Stocks that contributed positively include PPL (+40 points), HBL (+31 points), BAFL (+24 points), TRG (+12 points) and BYCO (+12 points). Stocks that contributed negatively include UBL (-35 points), PAKT (-32 points), HUBC (-29 points), ENGRO (-24 points), and OGDC (-16 points).

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