KSE-100 index down by 177 points on lackluster behaviour

Staff Reporter

Karachi

KSE-100 index of Pakistan Stock Exchange (PSX) ended down by 177 points on Thursday in mixed trading activity. The index closed at 41,367 points as against 41,544 points showing a decline of 177 points. Analysts at Arif Habib Limited said that KSE-100 index opened on a positive note but could not maintain the drive and gradually entered bearish territory.
The index oscillated from +107 points to -259 points during the session. Sector that has consistently been in the limelight is Chemical, which again showed volumes in excess of 40 million shares being traded. LOTCHEM gained the most volume, however, price remained under pressure due to profit taking.
Among Banks, BOP fared well, which reflected high trading volume close to 30 million with an average price of 13.54. Steel, Cement, Banks, Refinery and E&P sectors lagged behind but investors bought intently yet lacking aggression. Among Cement, DGKC showed investors’ confidence and Steel had MUGHAL. Among Banks, MCB’s price gained today and fared an average price of around 198.
Sectors contributing to the performance include Banks (-75 points), E&P (-61 points), Cement (-56 points), O&GMCs (-34 points), Pharma (-20 points) and Power (+32 points). Volumes declined from 277 million shares to 225 million shares. Average traded value also declined by 26 percent to reach US$ 61 million as against US$ 83 million. Stocks that contributed significantly to the volumes include BOP, LOTCHEM, TRG, KEL and STPL reflecting 45 percent of total volumes.

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