KARACHI: The stock market ended flat on Thursday amid mixed trading sessions, analysts said. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,903 points as against 41,899 points showing an increase of 5 points.
Analysts at Arif Habib Limited said that the market dipped again by 351 points during the session, but staged a recovery and closed the session +5 points.
LUCK’s result at the opening bell, brought some relief to the sellers in past couple of sessions in which LUCK came down from ~500.
LUCK’s price rebounded after touching day’s low of 468.80 and closed 484.50. Cement sector largely traded positive, same as Fertilizer sector stocks.
Oil chain and Banking sector again faced selling pressure almost across the board. Technology sector led the volumes with 32.2 million shares, followed by Banks (26.9 million) and Cement (20.5 million).
Among scrips, BOP realized 17.9 million shares, followed by AVN (15.9 million) and UNITY (10 million).
Sectors contributing to the performance include E&P (-52 points), Banks (-44 points), Power (-26 points), Chemical (-18 points), Inv Banks (+54 points), Cement (+37 points) and Fertilizer (+22 points).
Volumes declined from 197.2 million shares to 162.2 million shares (-18 percent DoD). Average traded value also declined by 8 percent to reach US$ 44.3 million as against US$ 47.9 million.
Stocks that contributed significantly to the volumes include BOP, AVN, UNITY, HASCOL and WTL, which formed 37 percent of total volumes.
Stocks that contributed positively include DAWH (+54 points), LUCK (+32 points), ENGRO (+26 points), HBL (+13 points) and SYS (+11 points). Stocks that contributed negatively include HUBC (-30 points), MCB (-23 points), UBL (-20 points), COLG (-18 points), and BAHL (-17 points).
