KARACHI: The stock exchange fell by 279 points on Friday owing to selling pressure during trading sessions.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,849 points as against 41,128 points showing a decline of 279 points.
Analysts at Arif Habib Limited said that the market moved both ways during the day with +162 points and -401 points, ending the session at -279 points.
Month end closing met anticipated flows from institutions that created selling pressure on the bourse.
O&GMCs, E&P, Power and Cement sectors remained under pressure, and even though MLCF managed to hit upper circuit, it couldn’t hold ground for much long and stock price dropped significantly, though remained positive.
Technology sector led the volumes with 49.2 million shares, followed by Cement (35.7 million) and O&GMCs (35.5 million). Among scrips, WTL led the volumes with 31.8 million, followed by UNITY (22.6 million) and HASCOLR (22.4 million).
Sectors contributing to the performance include Power (+35 points), Fertilizer (+29 points), Banks (-89 points), E&P (-63 points), Inv Banks (-28 points), Cement (-27 points) and Insurance (-26 points).
Volumes increased from 236.8 million shares to 267.6 million shares (+12 percent DoD). Average traded value also increased by 19 percent to reach US$ 61.2 million as against US$ 51.3 million.
Stocks that contributed significantly to the volumes include WTL, UNITY, HASCOLR1, MLCF and FFL, which formed 39 percent of total volumes.
Stocks that contributed positively include ENGRO (+67 points), HUBC (+46 points), UBL (+6 points), HGFA (+5 points) and PMPK (+5 points). Stocks that contributed negatively include OGDC (-33 points), FFC (-25 points), DAWH (-24 points), HBL (-23 points), and MCB (-22 points).
