Stock market remains traded in narrow range; ends down by 264 points

KARACHI: The stock market ended down by 264 points on Wednesday as market continued trading in narrow range.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,565 points as against 31.829 points showing a decline of 264 points.

Analysts at Arif Habib Limited said that the market continued trading in a narrow range between +39 points and -357 points and closed the session -264 points.

International crude posted losses and the same had negative impact on local oil & gas listed chain from E&P to OMCs.

PSO and PPL also had financial results today, which were mostly in line or better than expectation, however, near term risks kept pressure on both the scrips till end, although PPL saw price jacking up post result announcement after an initial drop.

Power sector led the volumes table with 16.9 million shares, followed by Technology (15.7 million) and O&GMCs (13.1 million).

Scrip wise activity shows KEL leading the volumes with 14.9 million shares, followed by WTL (12.4 million and PSO (6.9 million).

Sectors contributing to the performance include Banks (-108 points), Power (-48 points), E&P (-34 points), Fertilizer (-29 points) and Food (-12 points).

Volumes increased from 88.8 million shares to 952 million shares (+7 percent DoD). Average traded value also increased by 6 percent to reach US$ 26.3 million as against US$ 24.9 million.

Stocks that contributed significantly to the volumes include WTL, PSO, MLCF, KEL and HASCOL, which formed 39 percent of total volumes.

Stocks that contributed positively include ABL (+9 points), FABL (+6 points), ICI (+6 points), JLICL (+5 points) and EFUG (+5 points).

Stocks that contributed negatively include HUBC (-46 points), UBL (-36 points), HBL (-36 points), OGDC (-27 points), and ENGRO (-14 points).

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