Stocks end down by 86 points on selling pressure

Stocks end down by 86 points on selling pressure

KARACHI: The stock market ended down by 86 points on Wednesday amid range bound trading activity during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,900 points as against previous close of 47,987 points, showing a decline of 86 points.

Analysts at Arif Habib Limited said that another range bound session was witnessed today at the bourse that ended in red again after an oscillation between -114 points and +148 points, closing the session -86 points.

Selling pressure was evident across the board, barring E&P & Refinery sectors which maintained positive momentum throughout the session.

E&P sector however saw selling in the closing hour bringing stock prices below LDCP. OGDC realized high volume in anticipation of important decisions to be taken in upcoming emergent board meeting. Among scrips, SILK led the table with 51.8 million shares, followed by WTL (41.5 million) and TPL (33.9 million).

Sectors contributing to the performance include Banks (-37 points), Cement (-34 points), Vanaspati (-22 points), Technology (-21 points) and Fertilizer (+25 points).

Volumes increased from 610.7 million shares to 619.1 million shares (+1 per cent DoD). Average traded value also increased by 20 per cent to reach US$ 117.6 million as against US$ 97.9 million.

Stocks that contributed significantly to the volumes include SILK, WTL, TPL, BYCO and BOP, which formed 31 per cent of total volumes.

Stocks that contributed positively to the index include EFERT (+14 points), FCEPL (+11 points), OGDC (+10 points), MTL (+8 points) and NRL (+7 points). Stocks that contributed negatively include UNITY (-21 points), LUCK (-21 points), TRG (-16 points), HBL (-13 points) and PSO (-11 points).

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