KARACHI: The stock market ended flat on Tuesday despite profit taking was witnessed in the market following rise in international oil prices.
The benchmark KSE-100 of Pakistan Stock Exchange (PSX) closed at 31,909 points as against 31,929 points showing a decline of 20 points.
Analysts at Arif Habib Limited said that the market traded in a narrow range today with an oscillation of 337 points between +178 points and -159 points.
Higher international crude prices managed to secure interest of investors in E&P & Refinery sectors, though OMCs saw profit booking.
Besides, Banking sector scrips helped the Index to stay relatively positive and somewhat shielded the index from Cement sector onslaught that saw LUCK’s rates declining significantly in MoC.
LUCK closed near day’s low, near lower circuits. With the exception of DGKC, which managed to post decent gains as compared to LDCP, other Cement sector scrips saw selling pressure.
Cement Sector again managed to post high volumes with 25.5 million shares, followed by Cable (16.9 million) and Power (11.6 million).
Among scrips, PAEL ranked top with 16.7 million shares, followed by MLCF (10.3 million) and DGKC (7.3 million).
Sectors contributing to the performance include E&P (+35 points), Miscellaneous (+21 points), Banks (+17 points), Fertilizer (-36 points), Cement (-30 points), Power (-21 points).
Volumes increased from 104.6 million shares to 121.8 million shares. Average traded value also increased by 4 percent to reach US$ 33.2 million as against US$ 31.9 million.
Stocks that contributed significantly to the volumes include PAEL, MLCF, DGKC, KEL and TRG, which formed 38 percent of total volumes.
Stocks that contributed positively include HBL (+35 points), UBL (+30 points), PSEL (+21 points), PPL (+20 points) and EFERT (+11 points).
Stocks that contributed negatively include LUCK (-35 points), BAHL (-26 points), FFC (-20 points), ENGRO (-20 points), and HUBC (-17 points).
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