Equity market sheds 86 points on investors’ dull interest

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KSE-100 recovers 339 points
KSE-100 recovers 339 points

KARACHI: KSE-100 index of Pakistan Stock Exchange (PSX) shed 86 points on Wednesday due to investor’s dull interest.

The benchmark KSE-100 index closed at 38,223 points as against 38,309 points showing a decline of 86 points.

Analysts at Arif Habib Limited said that the market has gradually slowed in the past couple of sessions, which is pretty evident from thin volumes and lack of interest from investors.

Today was no different, when the total volume traded could not cross 90 million shares. Stocks traded in a narrow range, especially HBL, UBL, DGKC, LUCK, MLCF which were the affectees last week due to FTSE rebalancing fears.

News of increase in cement price / bag in North circulated during the session, however, North bound Cement sector scrips did not show any serious impact.

Power Sector (KEL) led the volumes on the index and was followed by Engineering (ASL) which saw traded volume of 4.4 million shares.

Sui Northern Gas Pakistan (SNGP) performed well since the start of session on the back of adjustment of UFG losses and the volumes hit 4.1 million shares, but closed near day’s average.

Sectors contributed on Wednesday performance include E&P (-83 points), Banks (-77 points), Autos (-15 points), Food (-12 points), Tobacco (+23 points), Pharma (+22 points), Power (+19 points), O&GMCs (+14 points), and Fertilizer (+14 points). Volumes increased from 74.6 million shares to 88.3 million shares (+18 percent DoD).

Traded value also increased by 11 percent to reach $ 26.9 million as against $24.4 million. Stocks that contributed significantly to the volumes include KEL, ASL, SNGP, and DSL which formed 33 percent of total volumes.