KARACHI: Pakistan Stock Exchange on Monday opened in positive zone on the back of buying interest in key oil and gas stocks, however selling pressure in various other sectors forced the market into negative and the market closed in negative zone with low trading activities.
The benchmark KSE-100 index declined by 368.26 points or 0.57 percent and closed at 64,269.38 points. During the session, the index crossed 65,000 psychological level to hit 65,173.87 points intra-day high however dropped into negative zone due to selling pressure to hit 64,130.96 points intra-day low level.
Trading activities remained extremely low as total daily volumes on ready counter decreased to 382.012 million shares as compared to 643.307 million shares traded on last Friday while total daily traded value on the futures counter declined to Rs 14.076 billion against previous session’s Rs 20.021 billion.
BRIndex100 lost 38.83 points or 0.58 percent to close at 6,604.15 points with total daily turnover of 353.105 million shares.
BRIndex30 fell by 108.57 points or 0.45 percent to close at 23,997.89 points with total daily trading volumes of 289.017 million shares.
The foreign investors also remained net sellers of shares worth $16,402. Total market capitalization declined by Rs 64 billion to Rs 9.389 trillion. Out of total 363 active scrips, 249 closed in negative and only 96 in positive while the value of 18 stocks remained unchanged.
K-Electric was the volume leader with 55.031 million shares however lost Re 0.18 to close at Rs 5.85 followed by Pak Int. Bulk Terminal that inched down by Re 0.48 to close at Rs 7.09 with 37.652 million shares. WorldCall Telecom closed at Rs 1.38, down Re 0.04 with 25.000 million shares.
Philip Morris Pakistan and Pakistan Hotels Developers were the top gainers increasing by Rs 44.34 and Rs 33.94 respectively to close at Rs 635.59 and Rs 508.94 while Nestle Pakistan and Rafhan Maize Products Company were the top losers declining by Rs 200.00 and Rs 150.00 respectively to close at Rs 8,000.00 and Rs 9,400.00.
“At the beginning of the week, Pakistan’s equities exhibited a positive trend, reaching an intraday peak of 65,174. However, as the trading session unfolded, sellers entered the market, leading to a gradual decline in the earlier gains”, an analyst at Topline Securities said.
The trading range for the index spanned 1,042 points, with fluctuations between a high of 65,173 and a low of 64,130 points.
Consequently, EFERT, PPL, SYS, LUCK, and DGKC collectively contributed to a negative impact of 157 points on the index.
BR Automobile Assembler Index plunged by 295.12 points or 1.94 percent to close at 14,936.44 points with total turnover of 4.595 million shares.
BR Cement Index declined by 111.45 points or 1.64 percent to close at 6,693.09 points with 13.422 million shares.
BR Commercial Banks Index fell by 52.4 points or 0.34 percent to close at 15,367.62 points with 25.135 million shares.
BR Power Generation and Distribution Index increased by 112.41 points or 0.77 percent to close at 14,765.23 points with 70.070 million shares.
BR Oil and Gas Index lost 3.98 points or 0.06 percent to close at 6,375.84 points with 54.387 million shares.
BR Tech & Comm Index decreased by 55.63 points or 1.43 percent to close at 3,847.97 points with 43.574 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that the market gave up early gains to close down by 368 points at 64,269.
Buying was witnessed in OGDC, PPL, and PSO which propelled the index above the 65,000 level. However, lack of interest in other key sectors pushed the market in the red zone.
Turnover fell to 382 million shares compared with 643 million in the last trading session. KEL (down 3.0 per cent), PIBTL (down 6.3 per cent), WTL (down 2.8 per cent), FFL (up 1.7 per cent) and OGDC (up 2.2 per cent) were the volume leaders.
Copyright Business Recorder, 2024
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