KARACHI: The stock market ended with a decline of 86 points on Wednesday as Supreme Court of Pakistan (SCP) is scheduled to decide Gas Infrastructure Development Cess (GIDC) on August 13, 2020.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,473 points as against 40,559 points showing a decline of 86 points.
Analysts at Arif Habib Limited said that the market added a total of 559 points during the session posting a new recent high of 41,119 points, however, selling pressure brought the index below the opening level.
E&P, Banks, Fertilizer sector contributed to early rise in the Index. Fertilizer sector felt the heat of SC’s decision on GIDC, which is scheduled to be announced tomorrow.
Similarly, HASCOL saw active trading with almost hitting upper circuit breaker and then lower circuit upon notice of grant of permanent license as an OMC in place of existing provisional one.
Index level above 41k, largely prompted profit booking just before the weekend. O&GMCs topped the volumes with 105.1 million shares, followed by Cement (72.8 million) and Technology (69.7 million).
Among scrips, HASCOL led the volumes with 87.3 million shares, followed by TRG (36.3 million) and PRL (32.1 million).
Sectors contributing to the performance include Cement (-57 points), O&GMCs (-33 points), E&P (-29 points), Pharma (-19 points) and Inv Banks (-18 points).
Volumes declined from 600 million shares to 591.2 million shares (-2 percent DoD). Average traded value also declined by 10 percent to reach US$ 133.6 million as against US$ 147.9 million.
Stocks that contributed significantly to the volumes include HASCOL, TRG, PRL, UNITYR2 and MLCF, which formed 33 percent of total volumes.
Stocks that contributed positively to the index include FFC (+60 points), HUBC (+43 points), NBP (+24 points), UBL (+19 points) and TRG (+13 points). Stocks that contributed negatively include PPL (-16 points), MCB (-16 points), LUCK (-16 points), DAWH (-14 points) and PSO (-14 points).