Karachi, July 18, 2019: Pakistan Stock Exchange (PSX) lost some 672 points on political uncertainty. Market stayed positive for a brief while earlier today and went +32 points, but after that selling pressure ensued causing a slide of 758 points and ending the session at -672 points.
The index breached recent intra-day low of 32,350 points today and closed at a low of 32,310 points. Selling was observed across the board and initially started with significant volumes in HBL.
According to Arif Habib Research report, the banking sector led the volumes table with 15.7 million shares followed by Technology (11 million) and Cement (10 million). Scrip wise activity showed TRG ranking top with 8.5 million shares, followed by KEL (7.3 million) and HBL (4.6 million). Major declines were observed in OMCs, which saw significant declines in price, trading at and/or close to lower circuits.
The Index closed at 32,310 points as against 32,982 points, showing a decline of 672 points (-2 percent DoD). Sectors contributing to the performance include Banks (-115 points), E&P (-101 points), Fertilizer (-100 points), O&GMCs (-58 points), Cement (-46 points).
Volumes declined further from 112 million shares to 86 million, shares (-22 percent DoD). Average traded value, however, increased by 0.9 percent DoD to reach US 23.4 million as against US$ 23.2 million.
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Stocks that contributed significantly to the volumes include TRG, KEL, HBL, LOTCHEM and MLCF, which formed 33 percent of total volumes.
Stocks that contributed positively include MARI (+1 points), POL (+0 points), SHFA (+0 points), HGFA (+0 points) and ATLH (+0 points). Stocks that contributed negatively include ENGRO (-71 points), PPL (-64 points), HBL (-52 points), OGDC (-38 points) and HUBC (-24 points).