PSX ends down by 173 on selling pressure

Benchmark index settles at 31,666.41

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ISLAMABAD/KARACHI/ LAHORE: The stock exchange fell by 173 points on Friday owing to selling pressure witnessed in major scrips. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,666 points as against 31,839 points showing a decline of 173 points.
Following the trend of past 3 months, market slid again following the close of rollover week and saw index slip by a total of 405 points, ending the session with -173 points. E&P, Banks and Power sectors contributed to the decline in index, where selling pressure was observed in HUBC, MCB, HBL, UBL, POL and PPL.
Cement sector again led the volumes with 8.8 million shares, followed by Engineering (8.7 million) and Banks (3.7 million). ISL became the volume leader with 5 million shares, followed by MLCF (4.5 million) and FCCL (2.1 million). Sectors contributing to the performance include Banks (-115 points), E&P (-64 points), O&GMCs (-26 points), Food (+16 points) and Power (-12 points).
Volumes declined from 70.6 million shares to 46.4 million shares. Average traded value, on the other hand, registered a slight increase of 1.5 percent DoD to reach US$ 12.8 million as against US 12.6 million. Stocks that contributed significantly to the volumes include ISL, MLCF, FCCL, MUGHAL and PAEL, which formed 33 percent of total volumes.
Stocks that contributed positively include HUBC (+12 points), NESTLE (+10 points), LUCK (+9 points), ISL (+5 points) and PKGS (+4 points). Stocks that contributed negatively include PPL (-40 points), HBL (-32 points), MCB (-26 points), UBL (-24 points) and NBP (-14 points).
Overall, trading volumes decreased to 46.5 million shares compared with Thursday’s tally of 70.7 million. The value of shares traded during the day was Rs2 billion.
Shares of 311 companies were traded. At the end of the day, 145 stocks closed higher, 149 declined and 17 remained unchanged.
International Steels was the volume leader with 5.05 million shares, gaining Rs1.47 to close at Rs33.22. It was followed by Maple Leaf Cement with 4.5 million shares, gaining Rs0.22 to close at Rs17.22 and Fauji Cement with 2.1 million shares, losing Rs0.11 to close at Rs13.34.
Foreign institutional investors were net sellers of Rs18.85 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan. At the end of trading, the benchmark KSE 100-share Index recorded a decrease of 172.70 points, or 0.54%, to settle at 31,666.41.

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