Stocks end down by 108 points amid low volumes

Stocks end down by 108 points amid low volumes

KARACHI: The stock market ended down by 108 points on Monday amid low volumes recorded during the day. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 46,528 points as against last Friday’s closing of 46,636 points.

Analysts at Arif Habib Limited said that the market took a bantering on the first day of the rollover week and lost a total of 421 points during the session, closing -108 points.

The sentiment got dented early on which was obvious from the low volumes at the bourse, where the benchmark KSE-100 posted a total of 75.2 million shares, and All Shares Index posted 195 million. Technology, Oil & Gas chain (E&P, OMCs, Refinery) tumbled, whereas limited positive activity was observed in Power and Cement sectors.

 Monetary policy, which was to be announced after market close, met a hike of 25bps against street consensus of No Change. Among scrips, TELE topped the volumes with 19.8 million shares, followed by WTL (13.3 million) and BYCO (11.3 million).

Sectors contributing to the performance include E&P (-33 points), Textile (-26 points), Fertilizer (-16 points), Misc (+45 points) and Banks (+16 points).

Volumes declined from 387.2 million shares to 194.7 million shares (-50 per cent DoD). Average traded value also declined by 51 per cent to reach US$ 47.9 million as against US$ 96.2 million.

Stocks that contributed significantly to the volumes include TELE, WTL, BYCO, TRG and TPLP, which formed 33 per cent of total volumes.

Stocks that contributed positively to the index include PSEL (+46 points), MCB (+42 points), UBL (+20 points), LUCK (+13 points) and SNGP (+11 points). Stocks that contributed negatively include OGDC (-22 points), SYS (-17 points), KOHC (-14 points), ENGRO (-14 points) and MEBL (-13 points).