Stock market slides after 13 consecutive positive sessions

Stock market slides after 13 consecutive positive sessions

KARACHI: The stock market fell by 66 points on Wednesday owing to profit taking after 13 consecutive positive sessions, analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,679 points as against 36,745 points showing a decline of 66 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today with +106 points and gained a total of 146 points during the session, however, profit booking caused the index to slide.

PPL again showed high volumes and closed the session slightly below VWAP. Majority of the crosses were observed at 97.50. O&GMCs, Fertilizer, Steel and Pharma saw profit booking in general.

Cement sector topped the volumes with 54 million shares, followed by Banks (34.5 million) and Technology (34 million).

Among scrips, MLCF realized 33 million shares, followed by PAEL (27 million) and UNITY (21.7 million).

Sectors contributing to the performance include E&P(+17 points), Tobacco (+16 points), O&GMCs (-30 points), Inv Banks (-24 points), Fertilizer (-24 points), Banks (-23 points).

Volumes further declined to 328.4 million shares as against 466.2 million shares (-30 percent DoD). Average traded value declined by 23 percent to reach US$ 84.9 million as against US$ 109.5 million.

Stocks that contributed significantly to the volumes include MLCF, PAEL, UNITY, PPL and TRG, which formed 30 percent of total volumes.

Stocks that contributed positively to the index include PAKT (+16 points), PPL (+15 points), HUBC (+13 points), INDU (+11 points) and POL (+10 points). Stocks that contributed negatively include DAWH (-21 points), SNGP (-19 points), MTL (-16 points), MEBL (-13 points), and FFC (-10 points).