KARACHI: The equity market ended down by 274 points on Thursday due to selling pressure.
The benchmark KSE-100 index closed at 39,294 points as against 39,568 points showing a decline of 274 points.
Analysts at Arif Habib Limited said that the market was remained under pressure today and after exclusion of trades in BOP, the market has been timid since Monday.
Banking sector again led the volumes table, and for the fourth consecutive day in this week, BOP topped with 8 million shares. BOP’s price went low again and the activity intensified in the last closing hour.
Chemical sector, on the other hand, gained some ground after a while. LOTCHEM & DOL appear in the top 10 volumes table in addition to price increase. E&P sector was also among the sectors that caused selling pressure and pushed the index down. Rumors of foreigners selling block of OGDC’s shares added pressure to the already declining stock price.
Sectors contributing to the performance include E&P (-68 points), Banks (-50 points), Power (-40 points), O&GMCs (-31 points), Fertilizer (-31 points), Autos (+37 points).
Volumes increased slightly from 81 million shares to 83 million shares (+2 percent DoD). Average traded value decreased by 3 percent to reach US$ 27.6 million as against US$ 28.4 million.
Stocks that contributed significantly to the volumes include BOP, STPL, LOTCHEM, DOL and KEL, which formed 32 percent of total volumes.
Stocks that contributed positively include INDU (+18 points), MEBL (+14 points), PMPK (+10 points), PSMC (+7 points), and HCAR (+7 points). Stocks that contributed negatively include OGDC (-48 points), HUBC (-32 points), BAHL (-27 points), PPL (-23 points) and UBL (-20 points).
