KARACHI: Pakistan Stock Exchange on Wednesday remained under pressure as the investors remained stagnant over expectations of an adverse budget announcement.
The benchmark KSE-100 index declined by 322.10 points or 0.75 percent and closed below 43,000 psychological level at 42,756.04 points. During the session, the KSE-100 index hit 43,149.17 points intra-day high and 42,718.73 points intra-day low level.
Trading activities also remained thin as total daily volumes on ready counter decreased to 194.398 million shares as compared to 285.348 million shares traded on Tuesday while total daily traded value on ready counter declined to Rs 5.349 billion against previous day’s Rs 7.388 billion.
BRIndex100 decreased by 51.46 points or 1.2 percent to close at 4,244.85 points with total daily turnover of 174.794 million shares.
BRIndex30 plunged by 225.49 points or 1.44 percent to close at 15,421.63 points with total daily trading volumes of 132.226 million shares.
The foreign investors also remained on selling side with net outflow of $2.194 million. Total market capitalization declined by Rs 23 billion to Rs 7.113 trillion. Out of total 334 active scrips, 207 closed in negative and only 98 in positive while the value of 29 stocks remained unchanged.
Silk Bank was the volume leader with 24.628 million shares and closed at Rs 1.49, down Re 0.01 followed by Unity Foods that lost Re 0.47 to close at Rs 22.30 with 14.095 million shares. Ghani Global Holding inched down by Re 0.27 to close at Rs 16.90 with 13.496 million shares.
Rafhan Maize and Nestle Pakistan were the top gainers increasing by Rs 330.00 and Rs 70.00 respectively to close at Rs 10,030.00 and Rs 5780.00 while Bata Pak and Ismail Industries were the top losers declining by Rs 49.99 and Rs 33.74 respectively to close at Rs 1850.00 and Rs 475.11.
An analyst at Arif Habib Limited said the market remained under pressure as investors remained stagnant over expectations of an adverse budget announcement.
The KSE-100 plunged to 354 points as selling pressure was witnessed across the board as concerns over increasing inflation kept the investors at bay. Main board activities remained dull on the contrary hefty volumes were observed in the third tier stocks.
Sectors contributing to the performance include Power (down 67.8 points), Banks (down 65.7 points), Cement (down 55.2 points), Technology (down 41.1 points) and E&P (down 32.4 points).
BR Automobile Assembler Index gained 37.07 points or 0.37 percent to close at 10,123.08 points with total turnover of 400,434 shares.
BR Cement Index declined by 72.09 points or 1.69 percent to close at 4,205.49 points with 8.389 million shares.
BR Commercial Banks Index decreased by 60.16 points or 0.63 percent to close at 9,452.12 points with 32.248 million shares.
BR Power Generation and Distribution Index plunged by 138.81 points or 2.56 percent to close at 5,283.71 points with 4.281 million shares.
BR Oil and Gas Index lost 30.17 points or 0.81 percent to close at 3,677.63 points with 6.005 million shares.
BR Tech & Comm Index closed at 3,384.35 points, down 55.78 points or 1.62 percent with 24.210 million shares.
An analyst at Topline Securities said Pakistan equities closed on a negative note where benchmark KSE-100 Index settled at 42,756 level, down 0.75 percent.
Expectation of higher inflation ahead coupled with withdrawal of fuel and energy subsidies in upcoming budget which is due on 10th July, 2022. This led the market to witnessed lackluster trading session as market made an intraday low of negative 354 points with low volumes.
Major negative contributors in the trading session were HUBC, UBL and FFC, as on the flip side EFERT and MARI closed higher.
Copyright Business Recorder, 2022
Comments
Comments are closed.