KARACHI: After witnessing three consecutive bullish sessions, Pakistan Stock Exchange Friday closed on a negative note as investors opted to book profit on the last day of the rollover week.
The benchmark KSE-100 Index hit 41,095.85 points intraday high and 40,404.58 points intraday low before closing at 40,450.53 points down 396.00 points or 0.97 percent.
Trading activity remained thin as total daily volumes on ready counter decreased to 191.327 million shares as compared to 364.131 million shares traded on Thursday while total daily traded value on ready counter declined to Rs 7.119 billion against previous session’s Rs 14.480 billion.
BRIndex100 decreased by 48.28 points or 1.18 percent to close at 4,031.61 points with total daily turnover of 175.387 million shares.
BRIndex30 declined by 120.94 points or 0.83 percent to close at 14,427.28 points with total daily trading volumes of 133.328 million shares.
Foreign investors however remained net buyers of shares worth $213,189. Total market capitalization declined by Rs 63 billion to Rs 6.351 trillion. Out of total 333 active scrips, 238 closed in negative and only 76 in positive while the value of 19 stocks remained unchanged.
Pak Refinery was the volume leader with 14.225 million shares however lost Rs 0.05 to close at Rs 13.61 followed by Cnergyico PK that inched down by Rs 0.13 to close at Rs 3.89 with 13.167 million shares. Fauji Foods closed at Rs 5.19, up Rs 0.21 with 12.526 million shares.
Mari Petroleum and Hafiz Limited were the top gainers increasing by Rs 12.29 and Rs 10.39 respectively to close at Rs 1450.14 and Rs 148.98 while Bhanero Textile and Siemens Pak were the top losers declining by Rs 83.24 and Rs 49.71 respectively to close at Rs 1026.76 and Rs 613.19.
An analyst at Arif Habib Limited said that the PSX concluded the week with a mixed session. The market opened in the red zone and traded in the same zone with sluggish activity throughout the first trading owing to the rupee dollar parity and political instability. However, after the second session resumed the bears took charge the index plunged down 440.97 points as investors opted to square-up their positions due to the rollover week. Volumes remained healthy as investors are optimist about the upcoming IMF teams visit for the 9th review of the Extended Fund Facility from the IMF Program.
Sectors contributing to the performance include Cement (down 75.4 points), Technology & Communications (down 75.3 points), Fertilizer (down 73.7 points), Banks (down 35.4 points), and Autos (down 30.9 points).
BR Automobile Assembler Index declined by 179.69 points or 2.46 percent to close at 7,110.90 points with total turnover of 2.501 million shares.
BR Cement Index plunged by 102.34 points or 2.74 percent to close at 3,628.32 points with 15.505 million shares.
BR Commercial Banks Index lost 45.03 points or 0.56 percent to close at 8,030.45 points with 19.475 million shares.
BR Power Generation and Distribution Index gained 54.61 points or 0.85 percent to close at 6,477.77 points with 23.583 million shares.
BR Oil and Gas Index inched down by 10.49 points or 0.26 percent to close at 4,033.06 points with 19.788 million shares.
BR Tech. & Comm. Index decreased by 88.67 points or 2.09 percent to close at 4,144.50 points with 20.881 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks fell across-the-board on investor fears for higher inflation amid plunge in Pak rupee.
He said investor concerns over ongoing forex crises, FX reserves falling to record low of $3.7 billion and uncertainty over outcome of Pak-IMF negotiations on program conditions amid political uncertainty played a catalytic role in bearish close.
Copyright Business Recorder, 2023
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