Stock market ends flat amid selling pressure

Stock market ends flat amid selling pressure

KARACHI: The stock market witnessed a marginal decline of 17 points on Thursday despite selling pressures during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,514 points as against 40,531 points showing decline of 17 points.

Analysts at Arif Habib Limited said that the market traded no different than what it has been since the beginning of the week.

The index oscillated between -359 points and +238 points during the session and closing at -17 points. Selling pressure remained there, which was primarily been due to profit taking by investors. Yesterday’s decline in PIB yields failed to prop up the index.

None of the listed sectors remained unscathed but the selling pressure was most witnessed in Cement sector.

Going with the recent trend, Vansapati sector led the trading volumes with 37.7 million shares, followed by Technology (27.2 million) and Cement (23.1 million). Among scrips, UNITY led the table with 37.7 million shares followed by TRG (12.9 million) and FFL (10.9 million).

Sectors contributing to the performance include E&P (+53 points), Tobacco (+32 points), Inv Banks (+27 points), Chemical (+13 points), O&GMCs (-26 points), Banks (-25 points), Cement (-21 points).

Volumes declined from 305.1 million shares to 227 million shares (-26 percent DoD). Average traded value also declined by 22 percent to reach US$ 54.3 million as against US$ 70 million.

Stocks that contributed significantly to the volumes include UNITY, TRG, FFL, BOP and KEL, which formed 35 percent of total volumes.

Stocks that contributed positively include PAKT (+35 points), PPL (+24 points), DAWH (+20 points), OGDC (+20 points) and COLG (+13 points). Stocks that contributed negatively include BAHL (-24 points), SNGP (-16 points), HUBC (-14 points), TRG (-12 points), and SEARL (-12 points).

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