KARACHI: The stock market fell by 353 points on Wednesday on easing oil prices in international market.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,555 points as against 31,909 points showing a decline of 353 points.
Analysts at Arif Habib Limited said that after the restoration of crude production at Aramco facility in Abqaiq, international crude prices saw a downward trend and that similar trend was witnessed at PSX as well. Oil chain including E&P, OMCs, and Refineries drove the market with volume amid declining prices.
IMF’s nod on government’s measures failed to give confidence to the investors on the macro-economic front.
Besides, oil & gas chain, Cement sector also saw selling pressure, with the most decline observed in LUCK in past sessions.
OGDC also posted higher than anticipated financial results but couldn’t bring any positivity to the falling stock price.
Technology sector topped the volumes chart with 13.9 million shares followed by Cement (12.2 million) and O&GMCs (11.5 million).
Scrip-wise activity shows WTL leading the volumes with 10.3 million shares followed by PAEL (8.5 million) and KEL (8.3 million). Sectors contributing to the performance include E&P (-123 points), Banks (-90 points), Fertilizer (-47 points), Cement (-45 points) and Power (-30 points). Volumes increased from 99.3 million shares as against 122 million shares (-19 percent DOD). Average traded value also declined by 24 percent to reach US$ 25.4 million as against US$ 33.3 million.
Stocks that contributed significantly to the volumes include WTL, PAEL, KEL HASCOL and OGDC, which formed 38 percent of total volumes.
Stocks that contributed positively include SEARL (+8 points), PSO (+8 points), NATF (+7 points), COLG (+6 points) and FCEPL (+4 points).
Stocks that contributed negatively include PPL (-51 points), POL (-39 points), LUCK (-36 points), UBL (-25 points), and ENGRO (-22 points).