KARACHI: The stock market fell by 589 points on Monday as investors opted for profit booking during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,210 points as against 40,798 points showing a decline of 589 points.
Analysts at Arif Habib Limited said that the market braced the impact of APG’s (Asia Pacific Group) decision to maintain Pakistan’s position on Enhanced Follow-up List, which was primarily an evaluation based on Pakistan’s performance as of February 2020.
The plenary session is scheduled to be held during October 21-23, 2020.
The index which added another 249 points during the session today, on top of 2230 points since recent low, all of a sudden felt quite heavy to retail investors who considered it best to book profit and close positions.
Among scrips, POWER topped the volumes with 50.4 million shares, followed by HASCOL (41.8 million) and TRG (23.4 million).
Sectors contributing to the performance include E&P (-98 points), Cement (-85 points), Banks (-72 points), O&GMCs (-50 points) and Power (-48 points).
Volumes increased from 358.8 million shares to 377.6 million shares (+5 percent DoD). Average traded value also increased by 8 percent to reach US$ 79 million as against US$ 72.8 million.
Stocks that contributed significantly to the volumes include POWER, HASCOL, TRG, UNITY and JSCL, which formed 41 percent of total volumes.
Stocks that contributed positively to the index include ANL (+5 points), BAHL (+4 points), FCEPL (+4 points), MTL (+4 points) and AGP (+4 points). Stocks that contributed negatively include OGDC (-45 points), HBL (-38 points), HUBC (-38 points), TRG (-35 points) and PPL (-32 points).
