Equity market ends down by 66 points on fall in international commodity prices


KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) declined by 66 points on Thursday on expected hike in interest rate and decline in international oil prices.



The index closed at 40,639 points as against 40,704 points showing a decline of 66 points.
Analysts at Arif Habib Limited said that on November 29, the volume of 97.1 million shares recorded the lowest level since October 3, 2018.

Lackluster performance was largely due to the concerns on anticipated interest rate hike, as well as the steep decline in oil and other commodity prices, besides MSCI excluded stocks.

Most part of the day, the market went down and otherwise showed mixed trend. Blue chips in Banks and Cements largely remained positive, whereas Steel, O&GMCs and E&P faced selling pressure.

International Oil prices tumbled today, which caused additional pressure on E&P stocks. Refinery recovered to some extent mainly on the back of FO offtake as per the government directions.

Sectors contributing to the performance include E&P (-56 points), O&GMCs (-38 points), Fertilizer (-21 points), Pharma (-12 points), Cement (-10 points), Banks (+45 points).

Volumes dipped from 124mn shares to 97mn shares (-22 percent DoD). Average traded value also declined by 28 percent to reach $35.3 million as against $48.9 million.

Stocks that contributed significantly to the volumes include BOP, STPL, FCCL, NCL and DOL reflecting 23 percent of total volumes.

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