KARACHI: Pakistan Stock Exchange Tuesday remained under severe selling pressure on investor concerns over further weakening of Pak rupee against US dollar, concerns on inflation and resumption of foreign selling spree.
The KSE-100 Index plunged by 715.13 points or 1.52 percent to close below 47,000 psychological level at 46,399.91 points. Daily trading volumes on ready counter increased to 434.690 million shares as compared to 364.895 million shares traded Monday.
BRIndex100 declined by 117.94 points or 2.39 percent to close at 4,810.81 points with total daily trading volumes of 338.436 million shares.
BRIndex30 closed at 21,171.52 points, down 780.56 points or 3.56 percent with total turnover of 224.060 million shares.
Foreign investors also remained net sellers of shares worth $707,869. The market capitalization declined by Rs 112 billion to Rs 7.933 trillion. Out of total 359 active scrips, 296 closed in negative and only 48 in positive while the value of 15 stocks remained unchanged.
Telecard Limited was the volume leader with 33.505 million shares however lost Rs 0.02 to close at Rs 19.00 followed by Fauji Foods (R ) that declined by Rs 1.00 to close at Rs 3.28 with 28.810 million shares.
Gatron Industries and Atlas Honda Limited were the top gainers increasing by Rs 38.00 and Rs 30.82 respectively to close at Rs 558.00 and Rs 441.82 while Nestle Pakistan and Bata Pak were the top losers declining by Rs 125.00 and Rs 65.00 respectively to close at Rs 5725.00 and Rs 1825.00.
An analyst at Arif Habib Limited said that bloodbath session was witnessed due to the further weakening of Pak rupee against dollar, concerns on inflation and resumption of foreign selling spree.
The market opened on a bleak note after the news clocked in the morning that revival of USD six billion stalled IMF program for Pakistan hinges upon stamped clearance of IMF’s two departments before forwarding it in front of the Fund’s Executive Board.
Textile sector continued to remain under pressure for second consecutive session over concerns on ending of subsidized gas supply. Institutional activity remained on the sell-side due to redemptions from the mutual fund industry. Accumulation was witnessed in the banking sector as KIBOR rates have witnessed a sharp rise in the past one month, where the spread between the 6M KIBOR and policy rate has touched a high of 162bps, increasing from its average spread of 50bps. In the last trading hour, sell-off was witnessed across the board mainly as investors opted for cautious approach.
Sectors contributing to the performance include Commercial Banks (down 123 points), Cement (down 102 points), Technology (down 79 points), E&P (down 63 points) and Power (down 46 points).
BR Automobile Assembler Index lost 80.56 points or 0.91 percent to close at 8,725.38 points with total turnover of 3.077 million shares.
BR Cement Index plunged by 147.96 points or 2.3 percent to close at 6,274.96 points with 22.161 million shares.
BR Commercial Banks Index declined by 122.56 points or 1.2 percent to close at 10,067.19 points with 19.326 million shares.
BR Power Generation and Distribution Index decreased by 98.72 points or 1.8 percent to close at 5,389.74 points with 8.682 million shares.
BR Oil and Gas Index fell by 65.52 points or 1.69 percent to close at 3,820.48 points with 13.553 million shares.
BR Tech. & Comm. Index closed at 4,498.15 points, down 103.51 points or 2.25 percent with 113.123 million shares.
Copyright Business Recorder, 2021
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