KARACHI: Pakistan Stock Exchange on Tuesday opened on a positive note however failed to sustain this momentum as investors opted to book profit on available margins that forced the market to close in negative territory.
The benchmark KSE-100 Index hit 43,888.23 points intraday high and 43,375.03 points intraday low before closing at 43,436.48 points with a net loss of 185.34 points or 0.42 percent.
Trading activity remained low as total daily volumes on ready counter decreased to 518.045 million shares as compared to 541.548 million shares traded on Monday while total daily traded value on ready counter stood at Rs 16.215 billion against previous day’s Rs 16.836 billion.
BRIndex100 lost 15.17 points or 0.35 percent to close at 4,346.43 points with total daily turnover of 463.865 million shares.
BRIndex30 declined by 197.95 points or 1.23 percent to close at 15,939.67 points with total daily trading volumes of 337.514 million shares.
Foreign investors also remained net sellers of shares worth $269,880. Total market capitalization declined by Rs 21 billion to Rs 7.254 trillion. Out of total 360 active scrips, 208 closed in negative and 134 in positive while the value of 18 stocks remained unchanged.
Cnergyico PK was the volume leader with 44.627 million shares however lost Rs 0.17 to close at Rs 5.59 followed by Fauji Foods that gained Rs 0.18 to close at Rs 7.25 with 38.023 million shares. Unity Foods closed at Rs 22.80, up Rs 0.61 with 32.887 million shares.
Sanofi-Aventis and Blessed Textile were the top gainers increasing by Rs 89.00 and Rs 35.66 respectively to close at Rs 1,490.00 and Rs 512.00 while Pak Services and Premium Textile were the top losers declining by Rs 108.00 and Rs 44.91 respectively to close at Rs 1,341.00 and Rs 675.09.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed bearish as investor weigh hike in local POL prices, and surging power tariff. Mid-session support remained on strong rupee and upbeat financial results in oil sector.
He said investor concerns for reports of dismal data on $2.524 billion home remittances falling by 7.8 percent in July 2022 and public debt rising by 23.5 percent to $47.8 trillion in FY22 played a catalyst role in bearish close.
BR Automobile Assembler Index declined by 134.79 points or 1.36 percent to close at 9,789.19 points with total turnover of 3.421 million shares.
BR Cement Index lost 10.21 points or 0.23 percent to close at 4,355.43 points with 36.299 million shares.
BR Commercial Banks Index gained 23.79 points or 0.26 percent to close at 9,253.48 points with 18.187 million shares.
BR Power Generation and Distribution Index increased by 108.98 points or 1.83 percent to close at 6,051.67 points with 29.590 million shares.
BR Oil and Gas Index inched down by 21.13 points or 0.52 percent to close at 4,064.68 points with 41.096 million shares.
BR Tech. & Comm. Index closed at 3,722.99 points, down 71.01 points or 1.87 percent with 68.527 million shares.
An analyst at Arif Habib Limited said that the market observed a rangebound session. The benchmark KSE-100 Index opened in the positive zone although investors opted to book profit which resulted the index to close in red.
The refineries and E&P sectors remained in the limelight due to result announcement during the day. Investors’ participation remained healthy whereas hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Miscellaneous (down 58.1 points), Technology (down 52.2 points), E&P (down 25.3 points), Automobile Assemblers (down 24.0 points) and OMCs (down 21.3 points).
Copyright Business Recorder, 2022
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