KARACHI: The stock market ended down by 98 points on Wednesday as selling pressure continued during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,248 points as against previous day’s closing of 47,346 points, showing a decline of 98 points.
Analysts at Arif Habib Limited said that the market faced continuity of selling pressure from institutional investors that saw a decline of 311 points and closed the session -98 points.
Cement, E&P, Banks, O&GMCs and Refinery sectors bore selling pressure, whereas Technology and Steel sectors contributed positively to the Index.
Among scrips, FFL topped the volumes with 40.9 million shares, followed by WTL (30.1 million) and TPL (20.1 million).
Sectors contributing to the performance include E&P (-52 points), Tobacco (-29 points), Cement (-20 points), Textile (-11 points), Technology (+25 points) and Pharma (+12 points).
Volumes declined from 541.3 million shares to 412.2 million shares (-24 per cent DoD). Average traded value also declined by 15 per cent to reach US$ 94.2 million as against US$ 110.8 million.
Stocks that contributed significantly to the volumes include FFL, WTL, TPL, UNITY and HASCOL, which formed 30 per cent of total volumes.
Stocks that contributed positively to the index include TRG (+26 points), HBL (+25 points), AGP (+14 points), CHCC (+7 points) and PIBTL (+6 points). Stocks that contributed negatively include PAKT (-29 points), POL (-19 points), KOHC (-14 points), PPL (-12 points) and BAHL (-12 points).
