Stock market sheds 105 points in range bound trading

Stock market sheds 105 points in range bound trading

KARACHI: The stock market fell by 105 points on Friday as the market witnessed range bound trading and selling pressure.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,701 points as against 41,806 points showing a decline of 105 points.

Analysts at Arif Habib Limited said that the last day of the rollover week replicated what was witnessed for the good part of the outgoing week, i.e range bound performance and selling pressure.

E&P, Cement and banking sector stocks contributed to the downside in Index, whereby OGDC and PPL saw selling pressure in Market on Close (MOC) session.

Cement sector stocks sustained selling pressure due to apprehensions on Competition Commission’s raid on APCMA. O&GMCs led the volume with 64.1 million shares, followed by Vansapati (47.5 million) and Refinery (43.6 million). Among scrips, HASCOL topped the volumes with 57.4 million shares, followed by UNITY (47.5 million) and BYBCO (28.4 million).

Sectors contributing to the performance include Cement (-85 points), Technology (-21 points), Insurance (-17 points), Power (+16 points), O&GMCs (+15 points).

Volumes almost remained the same at 435.0 million shares. Average traded value increased by 2 percent to reach US$ 93.0 million as against US$ 91.1 million.

Stocks that contributed significantly to the volumes include HASCOL, UNITY, BYCO, TRG and PIBTL, which formed 40 percent of total volumes.

Stocks that contributed positively to the index include HBL (+30 points), COLG (+21 points), BYCO (+12 points), HASCOL (+11 points) and KAPCO (+11 points). Stocks that contributed negatively include LUCK (-39 points), UBL (-22 points), TRG (-22 points), DGKC (-16 points) and MUREB (-14 points).