KARACHI: The stock market ended down by 83 points on Tuesday in a range bound trading activity during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,346 points as against previous day’s closing of 47,429 points, showing a decline of 83 points.
Analysts at Arif Habib Limited said that the market traded range bound today, oscillating between -187 points and +236 points, closing the session with decline of 83 points.
The index went up earlier in the session that saw across the board buying activity, however, selling pressure took over later on that drove stock prices down, particularly in Power, Technology, Steel and Refinery sectors.
Banking sector remained muted with limited price uptick in HBL, whereas E&P sector saw continued selling pressure in OGDC and PPL to close below respective LDCPs.
Cement sector performed well today on the back of an increase in cement price / bag in South region. Among scrips, HASCOL led the table with 49.8 million shares, followed by WTL (48.8 million) and BYCO (29.9 million).
Sectors contributing to the performance include Power (-54 points), Technology (-35 points), Refinery (-32 points), Textile (-25 points), Vanaspati (-17 points), Banks (+49 points) and Fertilizer (+28 points).
Volumes increased from 494.5 million shares to 541.3 million shares (+9 per cent DoD). Average traded value also increased by14 per cent to reach US$ 111.2 million as against US$ 97 million.
Stocks that contributed significantly to the volumes include HASCOL, WTL, BYCO, PIAA and GGL, which formed 32 per cent of total volumes.
Stocks that contributed positively to the index include HBL (+50 points), AGP (+20 points), KOHC (+17 points), ENGRO (+17 points) and PSO (+15 points). Stocks that contributed negatively include HUBC (-48 points), TRG (-30 points), NRL (-21 points), UNITY (-17 points) and SNGP (-14 points).
