Stock market falls by 232 points on selling pressure

KARACHI: The stock market fell by 232 points on Friday owing to selling pressures during the trading sessions.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,249 points as against 40,482 points showing a decline of 232 points.

Analysts at Arif Habib Limited said that the market faced selling pressure and saw a drawdown of 311 points during the session, closing -232 points.

Market kept waiting for the official version of FATF plenary session till the close but merely got positive hints rather than an official statement.

E&P, Refineries, OMCs, Steel and Fertilizer bore selling pressure. MUGHAL announced financial results, which showed significant tax reversal that caused Investors to stay cautious and sell the stock, which brought stock price down in the closing half hour.

Trading activity in banking sector stocks remained muted. Cement Sector led the volumes with 19.6 million shares, followed by Food (9.8 million) and Power (9.1 million). Among scrips, MLCF topped the volumes with 8.1 million shares, followed by KAPCO (7.5M) and FFL (5.9 million).

Sectors contributing to the performance include Fertilizer (-92 points), Banks (-64 points), E&P (-49 points), Inv Banks (-35 points), Power (+24 points) and Cement (+21 points).

Volumes slipped further from 112.1 million shares to 85.6 million shares (-24 percent DoD). Average traded value also declined by 24 percent to reach US$ 23.2 million as against US$ 30.6 million.

Stocks that contributed significantly to the volumes include MLCF, KAPCO, FFL, UNITY and DGKC, which formed 36 percent of total volumes.

Stocks that contributed positively include HUBC (+24 points), LUCK (+18 points), SHFA (+8 points), HMB (+7 points) and PMPK (+6 points). Stocks that contributed negatively include ENGRO (-66 points), MCB (-44 points), DAWH (-34 points), OGDC (-31 points), and HBL (-24 points).

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