KARACHI: Pakistan Stock Exchange witnessed bearish trend due to selling on the first day of rollover week that forced the share market to close in deep red with heavy losses.
Although the session started on positive note however failed to sustain due to selling pressure in almost all sectors. The benchmark KSE-100 index hit 45,743.60 points intra-day high and 45,342.06 points intra-day low levels, before closing at 45,362.85 points with net loss of 313.02 points or 0.69 percent.
Trading activities also remained low as daily volumes on ready counter decreased to 137.659 million shares as compared to 194.053 million shares traded on previous session while total daily traded value on the ready counter declined to Rs 3.612 billion against previous session’s Rs 4.314 billion.
BRIndex100 lost 43.34 points or 0.93 percent to close at 4,623.78 points with total daily turnover of 123.642 million shares. BRIndex30 declined by 298.6 points or 1.68 percent to close at 17,500.99 points with total daily trading volumes of 84.615 million shares.
The foreign investors however remained net buyers of shares worth $121,473. Total market capitalization declined by Rs 52 billion to Rs 7.744 trillion. Out of total 339 active scrips, 225 closed in negative and only 95 in positive while the value of 19 stocks remained unchanged.
WorldCall Telecom was the volume leader with 19.087 million shares however lost Re0.09 to close at Rs1.85 followed by Hum Network that gained Re0.17 to close at Rs7.62 with 11.263 million shares. K-Electric closed at Rs3.30, down Re0.18 with 8.946 million shares. Sapphire Textile and Blessed Textile were the top gainers increasing by Rs61.95 and Rs14.99 respectively to close at Rs1109.45 and Rs499.99 while Allawasaya Textile and Sapphire Fiber were the top losers declining by Rs118.09 and Rs72.12 respectively to close at Rs1456.47 and Rs890.00.
“Another sluggish day for the Pakistan Stock Exchange, market opened positive but could not sustain the green zone and the KSE-100 index closed negative 313 points during the trading day,” an analyst at Arif Habib Limited said.
Main reasons behind the dull market are political noise, start of future roll over and FATF meeting. Market witnessed many important financial result announcements that include NCL, NML, FCCL, HTL and MEBL which were in line with market expectations.
Sectors contributing to the performance include Banks (down 64.7 points), Cement (down 45.3 points), E&P (down 36.7 points), Technology (down 31.1 points) and Power (down 25.3 points).
BR Automobile Assembler Index lost 45.45 points or 0.5 percent to close at 9,010.83 points with total turnover of 422,207 shares.
BR Cement Index declined by 67.72 points or 1.2 percent to close at 5,577.88 points with 4.175 million shares.
BR Commercial Banks Index decreased by 59.07 points or 0.58 percent to close at 10,195.69 points with 10.745 million shares.
BR Power Generation and Distribution Index plunged by 72.2 points or 1.19 percent to close at 5,969.86 points with 13.120 million shares.
BR Oil and Gas Index fell by 27.87 points or 0.7 percent to close at 3,964.84 points with 16.676 million shares.
BR Tech & Comm Index closed at 3,623.36 points, down 38.42 points or 1.05 percent with 41.722 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed under pressure on economic uncertainty and weak global equities. He said surge in industrial power tariff, rupee instability and reports on falling trend of textile exports on monthly basis in January 2022 played a catalyst role in bearish close.
Copyright Business Recorder, 2022
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