Stocks end down 412 points despite intraday recovery

Stocks end down 412 points despite intraday recovery

KARACHI: The stock market ended down by 412 points on Wednesday despite making a recovery in intraday massive fall.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,597 points as against previous close of 46,009 points.

Analysts at Arif Habib Limited said that the market continued trending downward today and lost a total of 1221 points during the session and closed -412 points while posting partial recovery.

Leveraged positions of retail investors played havoc on the market today, which received margin calls after continuous declines witnessed in the Index for the past couple of sessions.

Besides, negative news flow relating to MCB Bank employee having implication in the Money Laundering case, also dented the sentiment.

Technology and Refinery sectors got hurt the most, however, selling pressure was also observed in Cement, Steel, Fertilizer, Banks and E&P sectors. Among scrips, WTL led the table with 90.9 million shares, followed by ANL (36.1 million) and HUMNL (34 million).

Sectors contributing to the performance include Technology (-77 points), E&P (-40 points), Textile (-38 points), Fertilizer (-35 points) and Refinery (-33 points).

Volumes increased further from 325.8 million shares to 583.7 million shares (+79 per cent DoD). Average traded value also increased by 41 per cent to reach US$ 103.1 million as against US$ 73.1 million.

Stocks that contributed significantly to the volumes include WTL, AN, HUMNL, BYCO and TELE, which formed 38 per cent of total volumes.

Stocks that contributed positively to the index include MEBL (+26 points), MCB (+11 points), SNGP (+9 points), FCCL (+9 points) and INIL (+8 points). Stocks that contributed negatively include TRG (-38 points), SYS (-38 points), HBL (-25 points), UBL (-20 points) and CHCC (-16 points).