Bears return as PSX sheds 204 points on lack of positive triggers

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Benchmark KSE-100 index drops 0.44% to settle at 45,726.68
TLTP
KARACHI
The Pakistan Stock Exchange witnessed a bearish trend in the first trading session of the week as the benchmark KSE-100 Index went down by 204.32 points (-0.44 percent) to settle at 45,726.68 points.
The KSE-100 Index traded in a range of 333.4 points, showing an intraday high of 46,047.5 points and a low of 45,714.1 points. The choppy behaviour of the market was due to the lack of positive triggers and falling international crude oil prices as Arab light price came down by 1 percent during the session.
Overall volumes increased from 531 million shares to 543.6 million shares (+2 percent). Average traded value increased by 21 percent to reach US$ 134.9 million as against US$ 111.3 million.
Major contributions to total market volume came from TRG, FFL and KEL which combined for 125 million shares out of the total market volume of 544 million shares. TRG led the volumes table with 47.5 million shares, followed by FFL (44.6 million) and KEL (33 million).
A total of 427 companies traded shares in the stock exchange compared to 412 from the previous session. Of the scrips traded 163 closed up, 245 closed down while 19 remained unchanged.
Sector wise, the index was let down by oil & gas exploration companies with 115 points, oil & gas marketing companies with 34 points, power generation & distribution with 32 points, cement with 30 points and food & personal care products with 15 points.
The most points taken off the index was by PPL which stripped the index of 42 points followed by OGDC with 40 points, HUBC with 34 points, POL with 28 points and LUCK with 22 points.
Sectors propping up the index were technology & communication with 60 points, commercial banks with 22 points, miscellaneous with 12 points, vanaspati & allied industries with 7 points and close–end mutual fund with 3 points.
The most points added to the index was by TRG which contributed 74 points followed by UBL with 28 points, FABL with 13 points, SHFA with 12 points and HMB with 10 points.
According to the market closing note by Ismail Iqbal Securities, Commercial Banks remained in limelight as deposits hit 18-year highs with healthy dividend payout expectations.
Analysts at Arif Habib Limited said that the market traded range-bound, oscillating between -217 points and +117 points and closing the session -204 points. Profit booking was observed in E&P, fertilizer, O&GMCs, cement and banking sectors.
Regression in international crude prices became the reason for negative sentiment in E&P sector, on the other hand continuous foreign selling in the fertilizer sector pulled the prices down. Investors, in part, also saw the upcoming decision at Election Commission regarding the foreign funding case to be a reason for booking profit.