Stock market ends flat amid narrow range trading

Stock market ends flat amid narrow range trading

KARACHI: The stock market ended down by 36 points on Friday after narrow range trading.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,267 points as against 33,304 points showing a decline of 37 points (-0.1 percent DoD).

Analysts at Arif Habib Limited said that KSE-100 traded in a narrow range between +197 points and -145 points, closing the session -36 points.

The session low volumes as well compared with recent past sessions.

Selling pressure was evident in Banks, E&P and Cement sectors. International oil prices had little impact on investor sentiment, which is affected more from upcoming MSCI rebalancing.

Cement sector led the volumes with 15.7 million shares, followed by Technology (11.3 million) and O&GMCs (11.1 million). Among scrips, UNITY realized 9.3 million shares, followed by HASCOL (5.8 million) and MLCF (5.5 million).

Sectors contributing to the performance include Banks (-50 points), Fertilizer (-29 points), Autos (-12 points), O&GMCs (+32 points), Power (+25 points), Food (+20 points).

Volumes declined from 175.8 million shares to 88.0 million shares (-50 percent DoD). Average traded value also declined by 51 percent to reach US$ 23.9 million as against US$ 46.8 million.

Stocks that contributed significantly to the volumes include UNITY, HASCOL, MLCF, HUMNL and TRG, which formed 34 percent of total volumes.

Stocks that contributed positively to the index include HUBC (+27 points), NESTLE (+26 points), SNGP (+19 points), PAKT (+12 points) and PSO (+6 points). Stocks that contributed negatively include LUCK (-17 points), UBL (-13 points), ICI (-12 points), ENGRO (-11 points), and HBL (-10 points).