KARACHI: Pakistan Stock Exchange Wednesday witnessed bearish trend and closed in red zone due to selling in almost all sectors. The market opened in the green zone but within initial trading hours, the bears took charge from the bulls and the market nosedived. Negative session continued throughout the day due to news of redemptions and rollover week square-ups, experts said.
The benchmark KSE-100 Index plunged by 523.48 points or 1.32 percent and closed at 39,279.43 points. During the session, the index hit 39,865.96 points intra-day high and 39,026.67 points intra-day low levels.
The daily trading volumes on ready counter increased to 258.454 million shares as compared to 153.741 million shares traded on Tuesday while daily traded value of ready counter increased to Rs 8.508 billion against previous session’s Rs 5.537 billion.
BRIndex100 decreased by 55.69 points or 1.42 percent to close at 3,873.91 points with total daily turnover of 221.028 million shares.
BRIndex30 declined by 275.71 points or 1.98 percent to close at 13,650.37 points with total daily trading volumes of 100.760 million shares.
Foreign investors remained on the selling side and withdrew $7.369 million from local equity market. Total market capitalization declined by Rs 70 billion to Rs 6.306 trillion. Out of total 340 active scrips, 257 closed in negative and only 66 in positive while the value of 17 stocks remained unchanged.
Bank Al-Falah was the volume leader with 57.893 million shares however lost Rs 0.36 to close at Rs 29.60 followed by WorldCall Telecom that inched down by Rs 0.05 to close at Rs 1.13 with 22.075 million shares. K-Electric closed at Rs 2.37, up Rs 0.05 with 17.792 million shares. Bata Pak and Bhanero Textile were the top gainers increasing by Rs 103.19 and Rs 37.36 respectively to close at Rs 1992.86 and Rs 1037.50 while Nestle Pakistan and Rafhan Maize were the top losers declining by Rs 162.75 and Rs 122.52 respectively to close at Rs 5415.00 and Rs 7902.00.
An analyst at Arif Habib Limited said that bearish session was recorded at the PSX. The market opened in the green zone but within initial trading hours, the bears took charge from the bulls and the market nosedived, negative session continued throughout the day due to news of redemptions and rollover week square-ups that caused the KSE-100 index to drop 775.40 points intraday to close in the red zone. However, decent volumes were observed across the board while third-tier companies remained the volume leaders.
Sectors contributing to the performance include Technology & Communi-cation (down 138.9 points), Commercial Banks (down 114.4 points), Fertilizer (down 93.8 points), Chemical (down 36.2 points), and E&P (down 33.3 points).
BR Automobile Assembler Index declined by 104.16 points or 1.39 percent to close at 7,388.90 points with total turnover of 10.956 million shares.
BR Cement Index lost 34.41 points or 0.9 percent to close at 3,769.28 points with 15.077 million shares.
BR Commercial Banks Index decreased by 115.42 points or 1.46 percent to close at 7,788.68 points with 73.527 million shares.
BR Power Generation and Distribution Index gained 33.53 points or 0.53 percent to close at 6,334.93 points with 30.645 million shares.
BR Oil and Gas Index fell by 19.21 points or 0.51 percent to close at 3,757.80 points with 17.122 million shares.
BR Tech. & Comm. Index plunged by 161.71 points or 3.77 percent to close at 4,125.75 points with 42.007 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that the market continued to lose with the index closing at 39,279, losing 523 points.
Initially, selling in SYS (down 4.3 percent), MEBL (down 2.2 percent), UBL (down 3.0 percent), EFERT (down 1.8 percent), and ENGRO (down 1.9 percent) brought the entire market under pressure.
Once again buy-back activity in BAFL (down 1.2 percent) generated a turnover of 57.9 million shares. Other volume leaders were WTL (down 4.2 percent), KEL (down 2.1 percent) and DFML (down 3.1 percent).
Copyright Business Recorder, 2022
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