KARACHI: Pakistan Stock Exchange on Monday witnessed a bearish trend and closed on negative note as investors opted to offload their holdings on available margins.
The benchmark KSE-100 Index declined by 147.76 points or 0.32 percent and closed below 46,000 psychological level at 45,865.73 points. The index hit 46,174.69 points intraday high and 45,678.15 points intraday low.
Trading activity however improved as total daily volumes on ready counter increased to 213.198 million shares as compared to 149.572 million shares traded on last Friday while total daily traded value on ready counter increased to Rs 8.194 billion against previous session’s Rs 5.551 billion.
BRIndex100 lost 12.91 points or 0.28 percent to close at 4,595.44 points with total daily turnover of 188.323 million shares.
BRIndex30 closed at 16,303.48 points, up 36.64 points or 0.23 percent with total daily trading volumes of 139.244 million shares.
Foreign investors also remained net sellers of shares worth $342,071. Total market capitalization declined by Rs 18 billion to Rs 6.814 trillion. Out of total 306 active scrips, 172 closed in negative and 114 in positive while the value of 20 stocks remained unchanged.
Bank Al-Falah was the volume leader with 59.316 million shares and gained Rs 0.30 to close at Rs 41.12 followed by K-Electric that inched up by Rs 0.01 to close at Rs 1.93 with 14.653 million shares. PPL increased by Rs 1.67 to close at Rs 73.68 with 11.683 million shares.
Pak Services and Reliance Cotton were the top gainers increasing by Rs 29.00 and Rs 13.25 respectively to close at Rs 680.00 and Rs 540.00 while Mehmood Textile and Bata Pak were the top losers declining by Rs 46.36 and Rs 25.00 respectively to close at Rs 571.77 and Rs 1710.00.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed lower on speculations over possible hike in SBP key policy rate this week after 12M cutoff SBP Treasury bond auction yields rise near to 25.06 percent. Mid-session support remained on strong rupee recovery amid crackdown.
He said IMF disapproval on Government power relief proposals for industrials and reports of further hike in industrial power tariff amid unresolved circular debt crises played a catalyst role in bearish close.
BR Automobile Assembler Index gained 8.8 points or 0.1 percent to close at 8,968.27 points with total turnover of 2.778 million shares.
BR Cement Index decreased by 29.26 points or 0.64 percent to close at 4,547.78 points with 4.012 million shares.
BR Commercial Banks Index fell by 59.07 points or 0.54 percent to close at 10,817.53 points with 77.759 million shares.
BR Power Generation and Distribution Index lost 30.99 points or 0.35 percent to close at 8,765.01 points with 25.573 million shares.
BR Oil and Gas Index inched up by 19.34 points or 0.45 percent to close at 4,322.58 points with 35.460 million shares.
BR Tech. & Comm. Index closed at 3,754.08 points, down 10.0 points or 0.27 percent with 11.369 million shares.
Mubashir Anis Naviwala at JS Global Capital said that profit-taking continued across-the-board throughout the day as benchmark KSE-100 Index closed 148 points down at 45,866 level.
Copyright Business Recorder, 2023
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