KARACHI: A bearish trend continued on Pakistan Stock Exchange on the second consecutive day Tuesday due to investor concerns over IMF program and depreciating Pak Rupee against the USD.
The benchmark KSE-100 Index declined by 245.62 points or 0.59 percent and closed at 41,102.57 points. The Index hit 41,453.06 points intraday high and 41,067.55 points intraday low level.
Trading activity remained extremely thin as total daily volumes on ready counter decreased to 76.890 million shares as compared to 86.619 million shares traded on Monday while total daily traded value on ready counter declined to Rs 2.398 billion against Monday’s Rs 3.048 billion.
BRIndex100 lost 28.47 points or 0.7 percent to close at 4,057.92 points with total daily turnover of 69.386 million shares.
BRIndex30 decreased by 134.33 points or 0.9 percent to close at 14,824.53 points with total daily trading volumes of 53.655 million shares.
Foreign investors also remained net sellers of shares worth $24,651. Total market capitalization declined by Rs 50 billion to Rs 6.897 trillion. Out of total 321 active scrips, 176 closed in negative and 119 in positive while the value of 26 stocks remained unchanged.
Maple Leaf Cement was the volume leader with 6.536 million shares however declined by Rs 1.39 to close at Rs 25.44 followed by WorldCall Telecom that gained Rs 0.02 to close at Rs 1.37 with 4.790 million shares. Fauji Cement closed at Rs 13.47, down Rs 0.50 with 4.430 million shares.
Allawasaya Textile and Sanofi-Aventis were the top gainers increasing by Rs 114.40 and Rs 92.59 respectively to close at Rs 1639.82 and Rs 1327.20 while Unilever Foods and Nestle Pakistan were the top losers declining by Rs 1400.00 and Rs 140.00 respectively to close at Rs 24,000.00 and Rs 5,660.00.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed bearish on weak earnings outlook amid surging energy prices and speculations on likely major surge in SBP key policy rate.
He said dismal data on auto sales for May’22 and fall in cement sales by 7.91 percent on year-on-year basis for July-June’22, $48.259 billion trade deficit for FY22 surging by 55.29 percent on YoY and falling rupee played a catalyst role in bearish close.
BR Automobile Assembler Index closed at 9,854.15 points, down 1.72 points or 0.02 percent with total turnover of 738,023 shares.
BR Cement Index declined by 64.39 points or 1.62 percent to close at 3,916.50 points with 13.191 million shares.
BR Commercial Banks Index decreased by 77.28 points or 0.9 percent to close at 8,512.50 points with 5.898 million shares.
BR Power Generation and Distribution Index lost 23.64 points or 0.42 percent to close at 5,554.96 points with 3.209 million shares.
BR Oil and Gas Index fell by 12.44 points or 0.33 percent to close at 3,750.08 points with 5.159 million shares.
BR Tech. & Comm. Index inched down by 9.01 points or 0.27 percent to close at 3,292.67 points with 9.617 million shares.
An analyst at Arif Habib Limited said that the market observed a negative session as Pak Rupee depreciated against USD. investor’s participation stayed lackluster over concerns of resumption of IMF program. Volumes remained dry in the main board whereas decent volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Banks (down 80.5 points), Cement (down 50.4 points), Fertilizer (down 35.9 points), E&P (down 17.5 points) and Tobacco (down 15.6 points).
Copyright Business Recorder, 2022
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