Stock market falls by 195 points amid profit taking

Stock market falls by 195 points amid profit taking

KARACHI: The stock market witnessed decline of 195 points on Monday amid profit taking during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,916 points as against 34,112 points showing a decline of 195 points.

Analysts at Arif Habib Limited said that the market saw some profit booking today on the back of developing situation on international front and reclining oil prices, which also came down after posting significant gains last week.

E&P and OMCs traded considerable volume and largely maintained a higher average than last trading session.

Banking sector stocks, on the other hand, posted loss amid low volumes. Prospect of rate cut kept the selling pressure on Banks which caused the index to decline by -402 points during the session.

Cement sector led the volumes with 43.5 million shares, followed by O&GMCs (21.7 million) and Technology (21.7 million).

Among scrips, MLCF topped the volumes with 18.3 million shares, followed by HASCOL (13.6 million) and UNITY (12.2 million).

Sectors contributing to the performance include Power (-88 points), Cement (-51 points), Banks (-46 points), Fertilizer (-23 points), E&P (-18 points) and O&GMCs (+24 points).

Volumes declined from 291.5 million shares to 216.6 million shares (-26 percent DOD). Average traded value also declined by 24 percent to reach US$ 58.5 million as against US$ 76.7 million.

Stocks that contributed significantly to the volumes include MLCF, HASCOL, UNITY, TRG and KEL, which formed 30 percent of total volumes.

Stocks that contributed positively to the index include COLG (+21 points), EFERT (+14 points), PSO (+12 points), PIOC (+12 points) and TRG (+9 points). Stocks that contributed negatively include HUBC (-76 points), ENGRO (-29 points), MARI (-26 points), LUCK (-25 points), and HBL (-21 points).