KSE-100 slips by 394 points on cautious trading

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KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended down by 394 points owing to cautious approach of investors following decline in international bourses.

The index closed at 38,398 points as against 38,792 points showing a decline of 394 points.
Analysts at Arif Habib Limited said that market slipped again by 394 points today after posting gains in the past 2 sessions.

Overnight declines in US & European markets, which was caused by higher US treasury yield, and extension of similar selling pressure in Asian markets caused the local investors to take cautious bets on local bourse.

Cement Sector extended gains from yesterday on the back of increase in cement price / bag in South region by Rs. 20. Major contributor in Cement sector was DGKC, which turned red by session’s end. LUCK got bantered and traded at lower circuit, likely caused by an expectation of being excluded from MSCI EM index in revision next month.

UBL also got hammered for the same reason, realizing trading volumes of 6.5M shares and price decline of 1.9 percent.

Highlight of the day was MEBL, which attracted high volumes of 8.5M shares and positive price performance realizing an average price of Rs 91/share. E&P sector posted losses today, caused mainly by a down trend in international crude prices.

Sectors contributing to the performance include Cement (-87 points) Banks (-80 points), Fertilizer (-51 points), Engineering (-28 points), Textile (-24 points).

Volumes registered a decline from 199 million shares to 134 million shares today (-33 percent DoD). Average traded value also declined by 26 percent to reach $39.7 million as against $ 53.7 million.

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