Stock market sheds 100 points on profit booking

Stock market sheds 100 points on profit booking

KARACHI: The stock market fell by 100 points on Wednesday as profit booking seen during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,768 points as against previous day’s closing of 46,868 points showing a decline of 100 points.

Analysts at Arif Habib Limited said that the market oscillated between +438 points and -141 points during the session.

HBL’s announcement of financial results became a major dampener for investors who bought the share in anticipation of hefty dividend.

However, after announcement of results, HBL came down to its near term support of 130. PSO and ENGRO were also due to announce results today, but were deferred till tomorrow due to time.

Profit booking was observed in Cement, Steel and Power sectors that eroded the gains made earlier in the session. Among scrips, HUMNL realized trading volumes of 77.8 million shares, followed by TELE (76.1 million) and DSL (52.9 million).

Sectors contributing to the performance include Banks (-145 points), E&P (-28 points), Tobacco (-21 points), Power (-20 points), Autos (+28 points) and Cement (+26 points).

Volumes increased from 514.2 million shares to 701.8 million shares (+36 percent DoD). Average traded value also increased by 12 percent to reach US$ 179 million as against US$ 159.2 million.

Stocks that contributed significantly to the volumes include HUMNL, TELE, DSL, MLCF and WTL, which formed 38 percent of total volumes.

Stocks that contributed positively to the index include LUCK (+56 points), MTL (+29 points), PSO (+24 points), TRG (+19 points) and FFC (+17 points). Stocks that contributed negatively include HBL (-130 points), OGDC (-23 points), PAKT (-19 points), DGKC (-18 points) and HUBC (-16 points).

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