The benchmark KSE-100 index of Pakistan Stock Exchange (PSE) declined on Thursday by 208 points or (-0,52%) closed at 40,070 on FATF concerns and HBL, UBL financial results. Market plunged after an initial uptick of 137pts, after which the index dropped by ~400pts. Reason for decline was mainly the release of financial reports of HBL and UBL and the concern over provisions caused investors to sell both scrips.
Resultantly, UBL ranked third on volumes chart with 5M shares and as against yesterday’s upper circuit, UBL hit lower circuit today. HBL also faced similar pressures and realized volume of 2.5M. HBL’s price did pick up after a drop towards lower circuit and closed near 135.
The Index closed at 40,070pts as against 40,279pts showing a decline of 209pts (-0.5% DoD). Sectors contributing to the performance include Power (-104pts), Banks (-70pts), Fertilizer (-21pts), Cement (+19pts) and Autos (+14pts).
Analysts at Arif Habib Limited said that the volumes declined from 132mn shares to 103mn shares (-22% DoD). Average traded value also declined by 9% to reach US$ 43.5mn as against US$ 47.9mn.
Stocks that contributed significantly to the volumes include UNITY, KEL, UBL, LOTCHEM and MEBL, which formed 30% of total volumes.
Stocks that contributed positively include BAHL (+45pts), MCB (+36pts), LUCK (+15pts), THALL (+14pts), and BAFL (+8pts).
Stocks that contributed negatively include UBL (-81pts), HUBC (-73pts), HBL (-67pts), KAPCO (-24pts) and FABL (-11pts).