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Stock market ends flat despite positive opening
A man takes a nap on a couch under an electronic board displaying share prices during trading session at the Karachi Stock Exchange April 2, 2014. REUTERS/Akhtar Soomro/File Photo

Stock market ends flat despite positive opening

KARACHI: The stock market ended with gain of nominal 10 points on Wednesday despite positive trading of over 400 points earlier in the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,982 points as against 32,972 points showing an increase of 10 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today and within no time touched day’s high of +409 points, post SBP rate hike yesterday of 100bps, inline with street consensus.

E&P, O&GMCs, Cement, Chemical, Fertilizer and Banking Sector scrips performed well earlier today, however, save for O&GMCs and Chemical, all went bust by session’s end.

LOTCHEM, SSGC, SNGP, EPCL traded near upper circuits. Cement sector led the volumes table with around 30 million shares (contributed by MLCF (16.5 million), DGKC (4.8 million) and FCCL (3.5 million)), followed by Chemical with 15M shares (contributed by LOTCHEM (8.2 million)).

Sectors contributing to performance include Banks (+30 points), Power (+17 points), Food (+15 points), Chemical (+14 points), Autos (-23 points), E&P (-20 points) and Textile (-10 points).

Volumes declined from 138.7 million shares to 111.5 million shares (-20 percent DoD). Average traded value also declined by 18 percent to reach US$ 23.2 million as against US$ 28.3 million.

Stocks that contributed significantly to the volumes include MLCF, TRG, LOTCHEM, DGKC and UNITY, which formed 40 percent of total volumes.

Stocks that contributed positively include HUBC (+21 points), HBL (+19 points), DAWH (+16 points), NESTLE (+15 points) and EPCL (+8 points). Stocks that contributed negatively include OGDC (-14 points), INDU (-14 points), FFC (-14 points), PPL (-10 points) and NML (-9 points).