KSE-100 index added 32 points amid selling gravity

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Staff Reporter

Karachi

The KSE-100 index of Pakistan Stock Exchange (PSX) added 32 points on Tuesday amid selling gravity.
The index closed at 41,036 points as against 41,005 points showing an increase of 32 points.
Analysts at Arif Habib Limited said market opened on a positive note and topped by 189 points at the fringes of 41200 level, nonetheless, selling pressure kept the bears in firm control of the market.
Cement sector played well on the expectation of price hike in northern region, however, confusion on certainty of the increase kept the selling pressure. DGKC performed well on the back of rumor on price hike and went from below Rs100 to Rs104, and slowed down near 103 by the end of session. E&P maintained healthy volumes, wherein OGDC topped in terms of volume and realized trading at a nominal spread of Rs2.5.
Auto sector stocks saw further price erosion and profit booking appears to be the main reason behind selling pressure.
Sectors contributing to this performance include E&P (+80 points), Cement (+32 points), Tobacco (-32 points), Autos (-20 points), Banks (-16 points), Fertilizer (-13 points).
Volumes improved slightly from 98.6 million shares to 101.6 million shares (+3 percent DoD). Average traded value on the other hand declined by 9 percent to reach $36.2 million as against $ 39.7 million.
Stocks that contributed significantly to the volumes include UNITY, ASL, TRG, DGKC and LOTCHEM reflecting 29 percent of total volumes.

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