KARACHI: Pakistan Stock Exchange on Wednesday closed in negative zone due to selling pressure as investors opted to book profits at available margins.
The market opened on positive note, however remained oscillating in both directions before closing in the red.
The benchmark KSE-100 Index hit 46,643.04 points intraday high and 46,061.58 points intraday low before closing at 46,165.50 points with a net loss of 241.76 points or 0.52 percent.
Trading activity also remained low as daily volumes on ready counter decreased to 474.588 million shares as compared to 493.597 million shares traded on Tuesday while total daily traded value stood at Rs 12.353 billion against previous day’s Rs 13.856 billion.
BRIndex100 lost 34.17 points or 0.73 percent to close at 4,670.57 points with total daily turnover of 449.502 million shares.
BRIndex30 declined by 208.27 points or 1.17 percent to close at 17.637 points with total daily trading volumes of 298.388 million shares. Foreign investors also remained net buyers of shares worth $965,665. The market capitalization declined by Rs 43 billion to Rs 7.694 trillion. Out of total 362 active scrips, 228 closed in negative and 114 in positive while the value of 20 stocks remained unchanged.
Flying Cement was the volume leader with 80.735 million shares and gained Rs 0.87 to close at Rs 9.67 followed by WorldCall Telecom that closed at Rs 1.98, down Rs 0.09 with 42.739 million shares. Ghani Global Holding inched up by Rs 0.84 to close at Rs 21.18 with 32.521 million shares.
Sanofi-Aventis and Al-Ghazi Tractors were the top gainers increasing by Rs 59.50 and Rs 29.42 respectively to close at Rs 974.95 and Rs 421.75 while Nestle Pakistan and Philip Morris Pak were the top losers declining by Rs 110.00 and Rs 21.00 respectively to close at Rs 5,445.00 and Rs 650.00.
An analyst at Topline Securities said that Pakistan equities closed on a negative note where benchmark KSE-100 Index settled at 46,166 level, down 0.52 percent.
The market witnessed a rangebound trading session where market made an intraday high of plus 235 points and low of minus 344 points. Profit taking has been witnessed across the board where major decliner were Cements, Banks and Technology sectors, as LUCK, UBL, MLCF , and TRG closed lower.
BR Automobile Assembler Index gained 46.3 points or 0.48 percent to close at 9,737.65 points with total turnover of 2.495 million shares.
BR Cement Index declined by 121.12 points or 2.21 percent to close at 5,358.66 points with 92.833 million shares.
BR Commercial Banks Index decreased by 66.37 points or 0.64 percent to close at 10,367.69 points with 11.289 million shares.
BR Power Generation and Distribution Index inched up by 19.65 points or 0.33 percent to close at 5,966.12 points with 22.451 million shares.
BR Oil and Gas Index lost 7.15 points or 0.19 percent to close at 3,805.14 points with 11.501 million shares.
BR Tech. & Comm. Index closed at 3,941.81 points, down 24.3 points or 0.61 percent with 109.057 million shares.
An analyst at Arif Habib Limited said that a volatile session was observed at PSX. The market opened on a bleak note but value buying was witnessed in the first trading hour. Main board activity remained dull but market witnessed hefty volumes in the 3rd tier stocks. In the last trading hour, investor opted for profit taking across the board which led the index to close in red zone.
Sectors contributing to the performance include Cement (down 93.0 points), Banks (down 62.9 points), Inv. Banks (down 15.7 points), Engineering (down 15.5 points) and Textile (down 15.5 points).
Copyright Business Recorder, 2022
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