KARACHI: Pakistan Stock Exchange on Monday nosedived due to severe pressure as the investors opted to sell out their holdings before the announcement of monitory policy statement.
The benchmark KSE-100 Index plunged by 1,039.34 points or 1.63 percent and closed at 62,773.72 points. The index hit 62,717.71 points intraday low level.
Trading activity remained low as daily volumes on ready counter decreased to 317.577 million shares as compared to 412.823 million shares traded on last Friday while total daily traded value on the ready counter declined to Rs 10.693 billion against previous session’s Rs 16.185 billion.
BRIndex100 decreased by 129.43 points or 1.98 percent to close at 6,419.59 points with total daily turnover of 281.575 million shares.
BRIndex30 declined by 625.87 points or 2.7 percent to close at 22,514.64 points with total daily trading volumes of 221.421 million shares.
Foreign investors also remained on the selling side and withdrew $7.601 million from the local equity market. Total market capitalization declined by Rs 116 billion to stand at Rs 9.243 trillion. Out of total 348 active scrips, 253 closed in negative and only 73 in positive while the value of 22 stocks remained unchanged.
K-Electric was the volume leader with 46.691 million shares however lost Rs 0.30 to close at Rs 4.85 followed by P.I.A.C. (A) that inched down by Rs 0.41 to close at Rs 9.93 with 22.938 million shares. WorldCall Telecom closed at Rs 1.25, down Rs 0.04 with 21.480 million shares.
Unilever Pakistan Foods and Sapphire Fibres Limited were the top gainers increasing by Rs 1,000.00 and Rs 97.00 respectively to close at Rs 22,500.00 and Rs 1,577.00 while Mari Petroleum Company and Siemens Pakistan Engineering were the top losers declining by Rs 99.21 and Rs 26.37 respectively to close at Rs 2,353.16 and Rs 597.62.
An analyst at Topline Securities said that the KSE-100 index opened negatively and made an intraday low of minus 1,095.35 points to close at 62,773.72 down 1,039.34 points. This negative session can be attributed to investor decision to book profits before the announcement of monetary policy and foreign selling.
ISL (up 1.10 percent) from the steel sector announced its second quarter FY24 result, where the company posted an EPS of Rs 2.84 against LPS of Rs 0.89 in the same quarter in FY23. The company also announced dividend of Rs 2.5 per share. MARI (down 4.04 percent) from the E&P sector announced its second quarter of FY24 result, posting EPS of Rs 137.64 up 65 percent YoY while down 4.0 percent QoQ with a cash dividend of Rs 98.00.
BR Automobile Assembler Index decreased by 143.47 points or 1.03 percent to close at 13,751.33 points with total turnover of 3.615 million shares.
BR Cement Index lost 49.54 points or 0.75 percent to close at 6,517.64 points with 13.065 million shares.
BR Commercial Banks Index fell by 157.52 points or 1.01 percent to close at 15,499.52 points with 31.115 million shares.
BR Power Generation and Distribution Index declined by 238.00 points or 1.7 percent to close at 13,793.25 points with 55.377 million shares.
BR Oil and Gas Index plunged by 185.4 points or 2.9 percent to close at 6,198.43 points with 27.341 million shares.
BR Tech. & Comm. Index eroded 86.38 points or 2.33 percent to close at 3,614.67 points with 53.461 million shares.
Muhammad Shuja Qureshi at JS Global Capital said the week started on a negative note with the KSE-100 Index losing 1,039 points to close at 62,774. ASTL, CHCC, INIL, ISL, and INDU, however, managed to post gains for the day. ISL announced an interim cash dividend of Rs 2.5/share along with its financial results of the first half of FY24.
The market turnover dropped to 318 million shares, where KEL (down 5.8 percent), PIAA (down 4.0 percent), WTL (down 3.1 percent), PTC (down 8.1 percent) and TREET (down 2.8 percent) were the volume leaders.
Copyright Business Recorder, 2024
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