PSX ends April with bears dominating the bourse

The Pakistan Stock Exchange (PSX) ended the last day of the month on the negative, with the benchmark KSE-100 Index ending April lower by 0.73 percent.

Gaining 193.79 pts the benchmark KSE 100 index recorded intraday high of 45,056.90. Failing to sustain the gains the index nosedived to day’s low of 44,151.69 losing 711.42 pts. It ended lower by 600.76 pts at 44,262.35.

As per Arif Habib Limited, pessimism at the bourse during this month was spurred by noise on the political arena spewing from protest by a religious organization, which was eventually proscribed by the government. Moreover, rising COVID cases have severely dented the confidence in the bourse with average infection rising to 9.7pc in April compared to 7.2pc last month.

Ghani Global Holdings was the volume leader with 34.820 million shares and lost Rs 1.70 to close at Rs 38.68 followed by TRG Pakistan Limited that declined by Rs 9.71 to close at Rs 168.62 with 26.233 million shares. Saudi Pak Leasing Company Limited and First Al-Noor Modaraba were the top gainers increasing by Rs 0.20 and Rs 0.42 respectively to close at Rs 1.44 and Rs 3.12 while Unicap Modaraba and Shaheen Insurance Company Limited were the top losers declining by Rs 0.54 and Rs 0.45 respectively to close at Rs 2.55 and Rs 3.25 respectively.

Sectors painting the benchmark KSE 100 index in red included Technology and Communication sector (134.12 pts), Cement sector (58.09 pts) and Oil and Gas Exploration sector (50.22 pts). Company-wise, TRG Pakistan Limited (TRG 105.45 pts), The Hub Power Company Limited (HUBC 30.31 pts) and Systems Limited (SYS 28.26 pts) were top negative contributors.

The Refinery sector lost 4.65pc in its cumulative market capitalization. Byco Petroleum Pakistan Limited (BYCO 2.57pc), Pakistan Refinery Limited (PRL 3.81pc) and National Refinery Limited (NRL 6.43pc) all closed in red.