KARACHI: Despite foreign buying, Pakistan Stock Exchange Monday closed on negative note due to selling by local investors following concerns over prevailing political and economic situation in the country.
The market opened on a positive note as Saudi Arabia announced to roll +over $3.0 billion deposit maturing in December and an assurance from the IMF for its support for flood relief and reconstruction efforts. However, this positivity didn’t sustain at the bourse and profit taking was witnessed in second half which led the market to close in red zone.
The benchmark KSE-100 Index hit 41,896.62 points intraday high and 41,502.71 points intra-day low before closing at 41,520.59 points, down 158.90 points or 0.38 percent.
Due to investor lack of interest, trading activities also remained low as total daily volumes on ready counter decreased to 148.214 million shares as compared to 219.351 million shares traded on previous session while total daily traded value declined to Rs 7.519 billion against previous session’s Rs 8.892 billion.
BRIndex100 lost 22.14 points or 0.53 percent to close at 4,156.89 points with total daily turnover of 125.814 million shares.
BRIndex30 decreased by 106.18 points or 0.68 percent to close at 15,471.93 points with total daily trading volumes of 89.254 million shares.
Foreign investors however remained on the buying side with net inflow of $4.367 million. The market capitalization declined by Rs 22 billion to Rs 6.832 trillion. Out of total 331 active scrips, 215 closed in negative and only 93 in positive while the value of 23 stocks remained unchanged.
TRG Pak was the volume leader with 24.721 million shares and increased by Rs 2.15 to close at Rs 118.34 followed by TPL Properties that gained Rs 0.54 to close at Rs 19.61 with 11.399 million shares. Hascol Petroleum lost Rs 0.12 to close at Rs 6.80 with 10.783 million shares.
Sapphire Fiber and Pak Tobacco were the top gainers increasing by Rs 69.82 and Rs 55.72 respectively to close at Rs 1,000.82 and Rs 798.73 while Bhanero Textile and Sapphire Textile were the top losers declining by Rs 90.18 and Rs 78.15 respectively to close at Rs 1,112.32 and Rs 1,091.01.
An analyst at Topline Securities said that Pakistan equities closed negative where benchmark KSE-100 Index settled at 41,520 level. The market opened on a positive note as Saudi Arabia announced to rollover $3.0 billion deposit maturing in December and an assurance from the IMF for its support for flood relief and reconstruction efforts which led the KSE-100 Index to make an intraday high of 41,8967 points. However, this positivity didn’t sustain at the bourse and profit-taking was witnessed which led the index to make an intraday low of 174 points.
BR Automobile Assembler Index declined by 86.84 points or 0.95 percent to close at 9,047.84 points with total turnover of 586,596 shares.
BR Cement Index decreased by 41.11 points or 0.92 percent to close at 4,447.95 points with 5.343 million shares.
BR Commercial Banks Index fell by 61.54 points or 0.71 percent to close at 8,600.32 points with 6.168 million shares.
BR Power Generation and Distribution Index inched down by 4.52 points or 0.08 percent to close at 5,700.33 points with 12.406 million shares.
BR Oil and Gas Index lost 11.87 points or 0.31 percent to close at 3,794.60 points with 14.511 million shares.
BR Tech. & Comm. Index gained 15.99 points or 0.4 percent to close at 4,045.70 points with 44.428 million shares.
An analyst at Arif Habib Limited said that PSX closed down on the day having failed to regain the 42,000 level after a bullish open. Big week for global rates with the FED expected to hike rates by at least 75bps kept sentiments in check. PKR continued to lose ground versus the USD despite Saudi Fund for Development rolling over $3.0 billion for a year.
Sectors contributing to the performance include Banks (down 63.5 points), Cement (down 31.0 points), Chemical (down 30.6 points), OGMCs (down 19.2 points) and Glass (down 14.9 points).
Copyright Business Recorder, 2022
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