Economy

Pakistan Stock decline 17pc

Karachi, September 3, 2019: Market opened on a positive note today with +25 points an extended gains till +190 points after which selling activity caused the index to plunge by 318 points. Last half hour of market kept the selling pressure, ending the session with -248 points (unadjusted).

OGDC, PPL performed well earlier in the session and showed gains over yesterday’s closing, however, profit booking caused the stocks to retreat with a closure below LDCP.

Other than E&P, Cement, Fertilizer and Banking sector added fuel to selling pressure. Cement sector led the volumes table with 11 million shares, followed by Technology (9.2 million) and E&P (4.7 million). Among scrips, MLCF garnered 6.2 million shares, followed by WTL (4.5 million) and UNITY (4.2 million). 

The Index closed at 29,810 points as against 30,057 points showing a decline of -248 points (-0.8 percent DoD). Sectors contributing to the performance include Banks (-70 points), Cement (-49 points), Power (-41 points), E&P (-21 points), and Pharma (-19 points).

Volumes declined further from 77.4 million shares to 63.9 million (-17 percent DoD). Average traded value also declined by 6 percent to reach US$ 15.6 million as against US$ 16.5 million.

Stocks that contributed significantly to the volumes include MLCF, WTL, UNITY, TRG and OGDC, which formed 34 percent of total volumes.

Stocks that contributed positively include SNGP (+8 points), NML (+7 points), MUREB (+6 points), AICL (+6 points) and DAWH (+5 points). Stocks that contributed negatively include HUBC (-35 points), LUCK (-31 points), MCB (-26 points), PPL (-20 points), and MEBL (-14 points).

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