Stock market sheds 517 points on ease in international oil prices

Stock market sheds 517 points on ease in international oil prices

KARACHI: The stock market ended down by 517 points on Friday on the back of weakness observed in international markets, decline in crude oil prices.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,611 points as against 35,129 points showing a decline of 517 points.

Analysts at Topline Securities said that KSE 100 index (down by 1.47 percent) closed negative on the last trading session day of the week on the back of weakness observed in international markets, decline in crude oil prices and growing investor concerns over spread of second wave of Coronavirus.

The analysts at Arif Habib Limited said that the market shed 625 points during the session today on the back of global rout in capital as well as commodity markets.

US and regional markets saw Stock Indexes tumbling 4 percent to 7 percent and similar attrition was observed in international crude oil prices, which dampened the investors’ sentiment in pre-budget market session.

Investors in general resorted to profit booking, considering a nominal ascend seen so far in the Index on Budget releases.

Chemical and Textile sector stocks still showed investor interest, though the aggression was absent.

Cement sector led the volumes with 30.9 million shares, followed by Textile (18.5 million) and Technology (17.9 million). Among scrips, ANL topped the volumes with 12.7 million, followed by MLCF (11.4 million) and UNITY (10.8 million).

Sectors contributing to the performance include Banks (-180 points), E&P (-122 points), Power (-35 points), Fertilizer (-30 points) and Technology (-22 points).

Volumes declined from 270.6 million shares to 177.9 million shares (-34 percent DoD). Average traded value also declined by 27 percent to reach US$ 38.4 million as against US$ 52.6 million.

Stocks that contributed significantly to the volumes include ANL, MLCF, UNITY, HASCOL and TRG, which formed 29 percent of total volumes.

Stocks that contributed positively to the index include ANL (+8 points), NESTLE (+6 points), PIOC (+5 points), FFC (+4 points) and JLICL (+2 points). Stocks that contributed negatively include OGDC (-50 points), HBL (-47 points), MCB (-45 points), PPL (-44 points), and UBL (-31 points).

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