Stock market slips by 137 points on profit booking

Stock market slips by 137 points on profit booking

KARACHI: The stock market slipped by 137 points on Monday owing to profit booking during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,248 points as last Friday’s closing against 46,385 points showing a decline of 137 points.

Analysts at Arif Habib Limited said that the market retested a high towards 47k level today and again met profit booking around 46,700 level, bringing down the Index by 137 points.

During the session, the index oscillated +377 points and -197 points. Refinery, Fertilizer and Chemical sectors remained in the limelight, with buying activity, whereas Banks, E&P, O&GMCs and Cement sector stocks saw profit booking.

Cement sector contributed to the initial surge in Index; however, selling pressure brought the stock prices below respective LDCPs. Among scrips, PRL topped the volumes with 81.5 million shares, followed by KEL (65.1 million) and PIBTL (62 million).  

Sectors contributing to the performance include Cement (-85 points), Banks (-74 points), Technology (-51 points), Engineering (-24 points), O&GMCs (-18 points), Fertilizer (+36 points) and Autos (+27 points).

Volumes declined from 840.2 million shares to 693.6 million shares (-18 percent DoD). Average traded value also declined by 6 percent to reach US$ 190.6 million as against US$ 203.4 million.

Stocks that contributed significantly to the volumes include PRL, KEL, PIBTL, HASCOL and TRG, which formed 40 percent of total volumes.

Stocks that contributed positively to the index include ENGRO (+38 points), MTL (+18 points), SEARL (+17 points), ATRL (+14 points) and MARI (+14 points). Stocks that contributed negatively include TRG (-58 points), LUCK (-46 points), UBL (-19 points), HBL (-16 points) and ANL (-15 points).