Stock market ends flat amid selling pressure

Stock market ends flat amid selling pressure

KARACHI: The stock market recorded an increase of 11 points at the end of the trading on Wednesday as selling pressure witnessed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,491 points as against previous 47,480 points showing an increase of 11 points.

Analysts at Arif Habib Limited said that the market remained range bound today, oscillating between -38 points and +114 points.

Large cap blue chip stocks (including ENGRO, POL, LUCK, SYS) kept the index balanced, which was otherwise under selling pressure in E&P, O&GMCs, Cement, Steel and Technology sectors.

Worsening situation at Afghanistan border and imposition of COVID lockdown in Sindh made the investors rethink portfolio positions, in addition to facing CGT liability to be settled by July 16th. Among scrips, WTL realized trading volumes of 44.5 million shares, followed by GGGL (44 million) and TPL (40.7 million).

Sectors contributing to the performance include Textile (+34 points), Autos (+26 points), Inv Banks (+19 points), Transport (+12 points), Technology (-25 points), Banks (-24 points) and Fertilizer (-20 points).

Volumes increased from 496.8 million shares to 508.3 million shares (+2 per cent DoD). Average traded value declined by 1 per cent to reach US$ 101 million as against US$ 102 million.

Stocks that contributed significantly to the volumes include WTL, GGGL, TPL, KEL and TPLP, which formed 33 per cent of total volumes.

Stocks that contributed positively to the index include PSX (+19 points), LUCK (+12 points), PIBTL (+12 points), INDU (+12 points) and NML (+11 points). Stocks that contributed negatively include TRG (-33 points), MCB (-28 points), EFERT (-17 points), MARI (-10 points) and FFC (-8 points).

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