The benchmark KSE-100 of Pakistan Stock Exchange (PSX) shed 173 points or (-o,42%) closed at 41,332.75 on Thursday second straight slump in equity market on profit taking.
Analysts at Arif Habib said that the market corrected its course further, after yesterday’s decline of 109pts.
On Thursday, the market ended (unadjusted) 210pts down from Wednesday’s closing.
Although the sentiment remained positive and healthy activity was observed in Chemical, Cable and Steel, largely the sectors which gained in past couple of sessions saw profit booking.
Chemical Sector saw LOTCHEM gaining momentum with a total volume of 16M shares, whereas PAEL realized trading volume of 12M shares among Cable. Clearly, investors’ interest shifted from main board scrips to side board and downward trend in scrips like HBL, UBL, DGKC, LUCK caused concern among investors.
The Index closed at 41,333pts as against 41,506pts showing a decline of 173pts (-0.4% DoD).
Sectors contributing to the performance include Banks (-52pts), Fertilizer (-47pts), Cement (-45pts), E&P (-33pts), Power (-29pts) and Engineering (+11pts).
Volumes declined further from 205mn shares 138mn shares (-33% DoD). Average traded value also declined by 39% to reach US$ 44mn as against US$ 71mn.
Stocks that contributed significantly to the volumes include LOTCHEM, PAEL, PIAA, BOP and TRG, which formed 33% of total volumes.
Stocks that contributed positively include SEARL (+10pts), EFERT (+8pts), MEBL (+6pts), INDU (+5pts), and INIL (+5pts).
Stocks that contributed negatively include DAWH (-29pts), PPL (-26pts), HUBC (-26pts), LUCK (-21pts) and UBL (-20pts).