Stock Market Ended 36 Points Due to Tight Band Trading

KARACHI: The stock market ended 36 points lower on Wednesday in tight band trading.

The Pakistan Stock Exchange (PSX) benchmark SE 100 index closed at 33,761 points, while it was down 33 points to close at 33,798 points.

Analysts at Arif Habib Limited said the KSE 100 Index opened on a positive note, but repeated the overall trend yesterday.

The index traded between +154 points and -127 points in a narrow band, which ended yesterday’s session -36 points. It was announced to host quarterly results today, but failed to give a positive impression on the stock price at large.

Finally, HASCOL announced the issuance of 400% rights, which caused some hesitation, closing the session near the stock price LDCP.

Cement and steel sectors again showed sales pressure, though some key stocks like Mughal, ASTL, DGK, MLCF saw the session as positive.

The technology sector once again saw the highest trading volume with 17.2 million shares, followed by engineering (16.8 million) and cement (15.9 million).

In the script, WTL received $ 13.3 million, followed by Unity (7.5 million) and MLCF (7.1 million).

Sectors that contribute to performance include O&GMC (+35 points), Tobacco (+31 points), Fertilizers (-39 points), Miscellaneous (-31 points), Bank (-30 points), Power (-21). Points).

The volume dropped again from 225.1 million shares to 129.8 million shares (-42% DOD). The average trade value also fell 8% to US $ 32.1m, which is US $ 34.8million.

Stocks that contributed significantly to volume include WTL, Unity, MLCF, HASCL and ASTL, which increased the overall volume by 32%.

Stocks that have been positively supported include PSO (+32 points), DAWH (+27 points), SEARL (+15points), PAKT (+31 points) and MCB (+11 points). Stocks that contributed negatively include PSEL(-24 points), HBL (-15 points), ENGRO (-22 points), LUCK (-15 points), and FFC(-12 points).