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Equity market continues declining trend

Equity market continues declining trend

KARACHI: The equity market continued is declining trend on Monday and lost 403 points under selling pressure.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,129 points as against 38,532 points showing a decline of 403 points.

KSE-100 index continued its downward trend that it picked earlier last week and gave no regard to the initial signs of recovery seen on Friday.

Unlike past several sessions, the market opened on a downbeat with -12 points and the number kept growing to the downside till session’s end. Market saw a total draw down of -479 points and closed -448 points (unadjusted).

Also, the traded volume registered lowest levels in recent times.

Major contribution to traded volumes was observed in Power Sector (KEL), followed by Banks (BOP, BAFL).

Prime Minister’s reference to large oil & gas discovery in Indus Offshore didn’t entice investors to take a large bet on OGDC/PPL and remained content on market price.

Sectors contributing to the performance include E&P (-98 points), Cement (-64 points), Fertilizer (-63 points), Power (-29 points), Banks (-25 points).

Volumes declined significantly to 56.4mn shares from 84.6mn shares (-33 percent DoD). Average traded value also declined by 40 percent to reach US$ 19mn as against US$ 31.5mn.

Stocks that contributed significantly to the volumes include KEL, WTL, BOP, OGDC and BAFL, which formed 32 percent of total volumes.

Stocks that contributed positively include PMPK (+10 points), MUREB (+5 points), PAKT (+4 points), HMB (+3 points), and MCB (+2 points). Stocks that contributed negatively include OGDC (-35 points), LUCK (-33 points), PPL (-29 points), POL (-24 points) and ENGRO (-21 points).