The benchmark KSE-100 of Pakistan Stock Exchange (PSX) declined 13 points on selling pressure closed at 38,022 on Wednesday. Market traded in a narrow band.
After an initial increase of 83pts, Banks, Cement, Steel and Fertilizer scrips saw selling pressure that took the index down by 181pts, however, recovery in Index had the final tally to -13pts (unadjusted).
Cement sector showed increase in prices on the back of unconfirmed news of increase in cement prices in Northern region. Banks on the other hand remained timid throughout the day.
Analysts at Arif Habib Limited said that E&P sector saw increase in trading volume however, price performance remained more or less contained.
Fertilizer Sector saw decline in prices on the back of news of Government importing Urea, adding to the woes of local manufacturers.
Steel sector scrips that showed some improvement during the day reverted price gains (although partially) in the last half hour.
The Index closed at 38,023pts as against 38,023pts showing a decline of 13pts (0% DoD).
Sectors contributing to the performance include E&P (+77pts), Cement (+46pts), Food (+14pts), Banks (-91pts), Pharma (-15pts), Chemical (-13pts), Power (-12pts).
Volumes increased from 144.5mn shares to 153.3mn shares (+6% DoD). Average traded value, on the contrary, declined by 5% to reach US$ 26.3mn as against US$ 27.7mn.
Stocks that contributed significantly to the volumes include UNITYR1, WTL, FCCL, KEL and UNITY, which formed 62% of total volumes.
Stocks that contributed positively include OGDC (+37pts), POL (+27pts), LUCK (+19pts), PSEL (+16pts), and PPL (+14pts).
Stocks that contributed negatively include HBL (-31pts), MCB (-27pts), UBL (-14pts), FFC (-12pts) and SEARL (-11pts).