KARACHI: Bears again took control of the bourse as a bloodbath session was witnessed Wednesday due to further devaluation of Pak rupee against the USD, uncertain economic situation and political unrest in the country.
Although the market opened on a positive note, however failed to continue this momentum due to heavy selling in almost all sectors and closed in deep red with heavy losses.
The benchmark KSE-100 Index plunged by 641.21 points or 1.47 percent and closed below 43,000 psychological level at 42,863.15 points. The KSE-100 Index hit 43,642.39 points intraday high and 42,391.93 points intraday low level.
The daily trading volumes on the ready increased to 338.542 million shares as compared to 233.857 million shares traded on Tuesday while total daily traded value increased to Rs 9.531 billion against previous day’s Rs 6.864 billion.
BRIndex100 decreased by 79.84 points or 1.84 percent to close at 4,249.75 points with total daily turnover of 303.187 million shares.
BRIndex30 declined by 538.39 points or 3.52 percent to close at 14,762.42 points with total daily trading volumes of 198.195 million shares.
Foreign investors however remained net buyers of shares worth $756,300. Total market capitalization declined by Rs 110 billion to Rs 7.110 trillion. Out of total 359 active scrips, 296 closed in negative and only 47 in positive while the value of 16 stocks remained unchanged.
WorldCall Telecom was the volume leader with 31.405 million shares however lost Rs 0.10 to close at Rs 1.49 followed by Cnergyico PK that closed at Rs 5.26, down Rs 0.43 with 24.780 million shares. Pak Elektron decreased by Rs 0.76 to close at Rs 15.73 with 16.773 million shares.
Gatron Industries and Ismail Industries were the top gainers increasing by Rs 26.70 and Rs 16.82 respectively to close at Rs 382.80 and Rs 494.82 while Colgate Palmolive and Nestle Pakistan were the top losers declining by Rs 97.86 and Rs 50.01 respectively to close at Rs 2100.00 and Rs 5750.00.
An analyst at Arif Habib Limited said that a bloodbath session was observed in the market, despite opening in the positive zone the market failed to sustain as the continuation to fiscal and political uncertainty triggered the investor confidence resulting the market to close on a negative note.
PSX witnessed profit selling across the board due to further devaluation of Pak rupee against USD and tightening economic situation which pulled the KSE-100 index down to 1100 points giving the bears an upper hand. The last trading hour witnessed value buying in cement stocks helping the index to recover modest gain with positive momentum. The session remained dull, on the contrary hefty volumes were observed in 3rd tier stocks.
Sectors contributing to the performance include Banks (down 110.0 points), Fertilizer (down 71.2 points), Cement (down 64.3 points) and Power (down 50.9 points).
BR Automobile Assembler Index decreased by 100.04 points or 1.05 percent to close at 9,419.78 points with total turnover of 3.445 million shares.
BR Cement Index declined by 94.41 points or 2.08 percent to close at 4,442.69 points with 31.254 million shares.
BR Commercial Banks Index fell by 107.8 points or 1.11 percent to close at 9,574.58 points with 24.035 million shares.
BR Power Generation and Distribution Index plunged by 133.65 points or 2.47 percent to close at 5,280.31 points with 9.814 million shares.
BR Oil and Gas Index lost 21.53 points or 0.59 percent to close at 3,652.78 points with 11.257 million shares.
BR Tech. & Comm. Index closed at 3,285.88 points, down 72.42 points or 2.16 percent with 79.922 million shares.
Mohammad Waqar Iqbal at JS Global Capital said that bourse remained under pressure throughout the day due to instability on the political front, concerns on inflation and the lack of clarity on the resumption of the IMF program.
KSE-100 Index witnessed selling pressure across-the-board and the benchmark index closed at 42,863, losing 641 points.
Copyright Business Recorder, 2022
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