Stock market sheds 105 points on financial results

Stock market sheds 105 points on financial results

KARACHI: The stock market ended down by 105 points on Friday mainly responded to financial results. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,657 points as against 33,762 points showing a decrease of 105 points.

Analysts at Arif Habib Limited said that today proved to be an important one at the stock market considering the host of key financial results due to be announced including OGDC, DGKC, MEBL, PSMC, FFBL, GSKCH etc.

In general the stock market reacted positively to the spate of financial news, although DGKC’s result could have changed the positivity into significantly negative due to the heavy loss incurred in the bottom line. Instead, Investors bet against the tide and DGKC traded in positive zone, especially in MoC.

Closure of roll-over week, which at the end of Last Friday was 33,870 points, at slight loss of around 200 points ended well in the end at the stock market.

Overall volumes remained healthy at 170 million shares at the stock market, mainly contributed by Transport (36.7 million), and followed by Technology (35.7 million) and Chemical (15.8 million). Among scrips, PIBTL led the table with 35.6 million shares, followed by WTL (24.3 million) and LOTCHEM (11.1 million).

Sectors contributing to the performance include Commercial Banks (-42 points), Power Generation (-32 points), Inv. Banks (-10 points), Chemicals (-7 points) and Food (-7 points).

Volumes increased from 121.3 million shares to 170.9 million shares (+40.8 percent DoD). Average traded value also increased by 0.9 percent to reach US$ 25.8 million from US$ 25.5 million.

At the stock market, the stocks that contributed significantly to the volumes include PIBTL, WTL, LOTCHEM, BOP and UNITY, which formed 51.4 percent of total volumes.

Stocks that contributed positively at the stock market, include PIBTL (+19 points), NBP (+9 points), BOP (+8 points), OGDC (+6 points) and DGKC (+6 points). Stocks that contributed negatively include HUBC (-29 points), HBL (-23 points), BAHL (-13 points), COLG (-13 points), and MCB (-11 points).