Stock market ends in red as profit booking continues

Stock market ends in red as profit booking continues

KARACHI: The share market ended down by 31 points on Wednesday as profit booking remained continued during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,644 points as against previous day’s closing of 46,675 points, showing a decline of 31 points.

Analysts at Arif Habib Limited said that the market made another feat with achieving trading volume of one billion shares in the regular market, whereby WTL contributed the most with 369 million shares, however, other stocks also maintained the average trading volume of around 600 million shares.

Profit booking continues unabated, particularly in E&P sector that regressed today despite stable international crude oil prices.

Cement sector performed on the back of better results announced by CHCC, which firmed investors for similar results for the peers. Banks, E&P and Engineering (Steel) sector saw attrition, whereas Cement sector held firm ground today.

Among scrips, WTL topped the volumes with 369.8 million shares, followed by KEL (106.8 million) and TELE (41.5 million).

Sectors contributing to the performance include E&P (-92 points), Banks (-50 points), Technology (-33 points), Fertilizer (-20 points) and Engineering (-11 points).

Volumes increased from 664 million shares to 1012 million shares (+52 percent DoD). Average traded value declined by 4 percent to reach US$ 171.3 million as against US$ 178.1 million.

Stocks that contributed significantly to the volumes include WTL, KEL, TELE, PRL and FCCL, which formed 58 percent of total volumes.

Stocks that contributed positively to the index include LUCK (+76 points), FCCL (+29 points), CHCC (+25 points), PIOC (+25 points) and KOHC (+21 points). Stocks that contributed negatively include OGDC (-34 points), MARI (-23 points), SYS (-22 points), PPL (-19 points) and BAHL (-16 points).

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