KARACHI: Pakistan Stock Exchange on Monday witnessed a bearish trend due to heavy selling on investor concerns over prevailing political and economic situation in the country and IMF program.
The benchmark KSE-100 Index plunged by 412.49 points or 0.98 percent and closed below 42,000 psychological level at 41,829.49 points. The index hit 42,390.82 points intraday high however selling pressure forced the index into negative zone to hit 41,768.19 points intraday low.
The trading volumes stood at 179.050 million shares as compared to 178.164 million shares traded on last Friday while total daily traded value on ready counter declined to Rs 4.761 billion against previous session’s Rs 5.768 billion.
BRIndex100 decreased by 51.07 points or 1.19 percent to close at 4,242.81 points with total daily turnover of 154.588 million shares.
BRIndex30 declined by 281.14 points or 1.87 percent to close at 14,780.46 points with total daily trading volumes of 107.502 million shares.
Foreign investors were net buyers of shares worth $108,040. Total market capitalization declined by Rs 81 billion to Rs 6.275 trillion. Out of total 340 active scrips, 236 closed in negative and only 80 in positive while the value of 24 stocks remained unchanged.
WorldCall Telecom was the volume leader with 20.924 million shares and closed at Rs 1.20, down Rs 0.01 followed by TPL Properties that lost Rs 0.93 to close at Rs 13.13 with 19.753 million shares. Pak Refinery gained Rs 0.16 to close at Rs 14.16 with 11.367 million shares.
Bhanero Textile and Pak Tobacco were the top gainers increasing by Rs 56.50 and Rs 30.30 respectively to close at Rs 1200.00 and Rs 691.00 while Unilever Foods and Nestle Pakistan were the top losers declining by Rs 1137.88 and Rs 113.28 respectively to close at Rs 20999.62 and Rs 5776.72.
An analyst at Arif Habib Limited said that a negative session was observed to mark the start of the week at the PSX. After the opening bell, the market opened in the green but stocks fell as bears dominated the benchmark KSE-100 Index, which lost 474.53 points in the intraday as negative news flow with regard to revival of the IMF program, which led the disappointment among investors, as profit selling was observed across the board. Whereas, given the low market valuations, the PSX still lacked triggers that would allow investors to initiate positions and capitalize true values. Trading volumes remained reasonable, with third-tier equities continuing to lead the volume board.
Sectors contributing to the performance include Technology & Communication (down 94.4 points), E&P (down 78.0 points), Cement (down 72.4 points), Commercial Banks (down 26.4 points) and Paper & Board (down 22.3 points).
BR Automobile Assembler Index lost 37.53 points or 0.5 percent to close at 7,535.29 points with 1.421 million shares.
BR Cement Index plunged by 94.07 points or 2.2 percent to close at 4,189.25 points with 12.450 million shares.
BR Commercial Banks Index fell by 32.13 points or 0.36 percent to close at 8,968.25 points with total turnover of 22.477 million shares.
BR Power Generation and Distribution Index inched down by 8.84 points or 0.12 percent to close at 7,504.00 points with 8.248 million shares.
BR Oil and Gas Index decreased by 56.69 points or 1.43 percent to close at 3,904.56 points with 14.694 million shares.
BR Tech. & Comm. Index declined by 98.69 points 2.47 percent to close at 3,889.82 points with 34.862 million shares.
Sara Saeed at JS Global Capital said that local market slid down to close at 41,829 points, losing 412 points compared to the previous trading session over anticipation of a hike in interest rate in the upcoming monetary policy.
Total 179 million shares were traded during the day where WTL (down 0.8 percent), TPLP (down 6.6 percent), PRL (up 1.1 percent), ASL (down 6.3 percent) and MLCF (down 2.5 percent) were the volume leaders.
Copyright Business Recorder, 2023
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