Stocks tumble on persistent selling pressure

Stocks tumble on persistent selling pressure

KARACHI: The stock market tumbled on Thursday as selling pressure continued during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 48,158 points as against previous day’s closing of 48,481 points, showing a decline of 323 points.

Analysts at Arif Habib Limited said that the market tumbled again today with a drop of 365 points during the session and closing -323 points.

Refineries, O&GMCs, Cement, Engineering, Banks, Fertilizer and Technology stocks saw persistent selling pressure despite budget incentives announced last Friday.

E&P companies were relatively unscathed on the back of stable oil prices, which hovered around US$ 74/bbl. Among scrips, WTL topped the volumes with 243 million shares, followed by SILK (187.6 million) and KEL (57.4 million).

Sectors contributing to the performance include Banks (-62 points), Power (-44 points), O&GMCs (-34 points), Technology (-29 points) and Refinery (-28 points).

Volumes increased from 936.6 million shares to 1117.4 million shares (+19 percent DoD). Average traded value declined by 13 percent to reach US$ 125.1 million as against US$ 142.9 million.

Stocks that contributed significantly to the volumes include WTL, SILK, KEL, BYCO and HUMNL, which formed 50 percent of total volumes.

Stocks that contributed positively to the index include POL (+14 points), OGDC (+10 points), PSX (+10 points), FCEPL (+9 points) and LUCK (+6 points). Stocks that contributed negatively include HUBC (-31 points), TRG (-28 points), HBL (-26 points), UNITY (-24 points) and PSEL (-15 points).

Leave a Reply

You have to agree to the comment policy.