Stock market witnesses selling, decline by 115 points

Stock market witnesses selling, decline by 115 points

KARACHI: The stock market posted decline of 115 points on Monday owing to selling pressure seen during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,915 points as against 40,030 points showing a decline of 115 points.

The analysts at Arif Habib Limited said that the market bore selling pressure due to selling activity in Cement, Steel, E&P and Banks.

OMCs and Refinery sectors performed well today, where ATRL and HASCOL hit upper circuit and NRL traded near upper circuit.

Though international crude prices were positive, local E&P companies saw selling pressure due to foreign selling.

Tech stocks took a breather today, which were otherwise rallying unabated, and saw TRG hitting lower circuit on the back of post IPO listing of its related party Ibex. Technology sector topped the volumes with 77.9 million shares, followed by O&GMCs (77.7 million) and Cement (37.2 million).

Among scrips, UNITYR2 led the volumes with 81.6 million, followed by HASCOL (65.3 million) and WTL (35.8 million).

Sectors contributing to the performance include O&GMCs (+31 points), Power (+28 points), Textile (+25 points), Refinery (+13 points), Technology (-48 points), Cement (-45 points), E&P (-40 points), Banks (-24 points) and Insurance (-24 points).

Volumes dropped from 728.8 million to 576.5 million shares (-21 percent DoD). Average traded value also declined by 24 percent to reach US$ 104.2 million as against US$ 136.6 million.

Stocks that contributed significantly to the volumes include UNITYR2, HASCOL, WTL, POWER and TRG, which formed 31 percent of total volumes.

Stocks that contributed positively to the index include MTL (+23 points), HUBC (+20 points), KTML (+16 points), KAPCO (+14 points) and PSO (+13 points). Stocks that contributed negatively include TRG (-41 points), MCB (-19 points), HCAR (-18 points), POL (-16 points) and DAWH (-16 points).