Stock market sheds 155 points on selling pressure

Stock market sheds 155 points on selling pressure

KARACHI: The stock market witnessed a decline of 155 points on Tuesday mainly on selling pressure during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 48,148 points as against previous day’s closing of 48,303 points, showing a decline of 155 points.

Analysts at Arif Habib Limited said that the market slumped today while bearing selling pressure that began yesterday.

Increase in cement price / bag helped Cement stocks trade in green, whereas KAPCO saw price moving up on the notification of board meeting to consider interim dividend.

On the other hand, TRG contributed to downside in Index due to concerns over minimum global tax as envisaged by EU and US. Among scrips, WTL topped the volumes with 400 million shares, followed by BYCO (37.8 million) and HUMNL (35.1 million).

Sectors contributing to the performance include Technology (-72 points), O&GMCs (-41 points), Textile (-29 points), E&P (-19 points) and Refinery (-13 points).

Volumes increased from 936.1 million shares to 1,040.5 million shares (+11 percent DoD). Average traded value however declined by 14 percent to reach US$ 153.4 million as against US$ 177.7 million.

Stocks that contributed significantly to the volumes include WTL, BYCO, HUMNL, TPLP and PTC, which formed 52 percent of total volumes.

Stocks that contributed positively to the index include KAPCO (+29 points), HBL (+14 points), MCB (+12 points), DAWH (+12 points) and BAHL (+8 points). Stocks that contributed negatively include TRG (-74 points), PSO (-24 points), OGDC (-14 points), SNGP (-13 points) and KTML (-8 points).

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