Stocks decline by 379 points on selling pressure

Stocks decline by 379 points on selling pressure

KARACHI: The stocks witnessed a decline of 379 points on Tuesday owing to selling pressure witnessed during the day. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 46,891 points as against the previous day’s closing of 47,270 points.

Analysts at Arif Habib Limited said that the market tumbled mainly as a result of redemptions at mutual funds’ end.

On the other hand, negative news triggers on the slippage of PKR parity with USD, US State Secretary’s hint on revisiting US – Pakistan relations and pending IMF review had bearing on the Index.

Selling was observed across the board with Technology, E&P, Cement and Steel sectors leading the downside on Index.

Financial results announced today also failed to impress the investors. Refinery sector faced the onslaught with failure in approval of Refinery Policy as reported in newspapers, especially BYCO.

Among scrips, BYCO led the volumes with 71.6 million shares, followed by TELE (51.2 million) and WTL (25.3 million).

Sectors contributing to the performance include Cement (-96 points), Refinery (-52 points), E&P (-45 points), Technology (-39 points) and O&GMCs (-28 points).

Volumes increased from 395.8 million shares to 479.8 million shares (+21 per cent DoD). Average traded value, on the other hand, declined by 7 per cent to reach US$ 89.0 million as against US$ 95.8 million.

Stocks that contributed significantly to the volumes include BYCO, TELE, WTL, ANL and HUMNL, which formed 40 per cent of total volumes.

Stocks that contributed positively to the index include HBL (+36 points), HMB (+22 points), FFC (+9 points), DCR (+6 points) and PKGS (+5 points). Stocks that contributed negatively include LUCK (-44 points), TRG (-24 points), OGDC (-23 points), DGKC (-19 points) and BYCO (-18 points).

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