KARACHI: The stock market fell by 527 points on Wednesday as investors opted for profit taking following the bull run during past few days.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,038 points as against 38,564 points showing a decline of 527 points.
After managing a bull run that added around 10,000 points from its low, the market finally took corrective stance with index plunging 527 points and closing the session at that note.
Selling pressure was evident in Cement, E&P, O&GMCs and banking sector stocks.
Although dust is seemingly settling on political front, investors took cue from T-bill auction that saw yields increasing further and considered it best to book profit prior to announcement of monetary policy on Friday November 22, 2019. Street consensus is for status quo.
Index is so far maintaining healthy volumes registering 327 million shares as compared with 385 million in the previous session.
Majority of the volumes were traded in Technology with 50.4 million shares, followed by Engineering (38 million) and Banks (33 million).
Among scrips, WTL led the volumes with 28.3 million shares, followed by BOP (17.1 million) and PAEL (15.1 million).
Sectors contributing to the performance include Banks (-203 points), E&P (-113 points), Cement (-49 points), Fertilizer (-30 points) and Chemical (-24 points).
Volumes declined further from 385.3 million shares to 327.4 million shares.
Average traded value also declined by 19 percent to reach US$ 73.4 million as against US$ 90.5 million.
Stocks that contributed significantly to the volumes include WTL, BOP, PAEL, KEL and ISL, which formed 25 percent of total volumes.
Stocks that contributed positively include FFC (+24 points), NATF (+10 points), THALL (+7 points), ISL (+7 points) and AGP (+5 points).
Stocks that contributed negatively include HBL (-63 points), ENGRO (-49 points), OGDC (-35 points), UBL (-34 points), and MCB (-33 points).