KARACHI: Pakistan Stock Exchange Friday remained under pressure throughout the day due to rising political uncertainty and possible damage from flash floods to the economy.
The benchmark KSE-100 Index plunged by 441.06 points or 1.02 percent and closed below 43,000 psychological level at 42,591.51 points. During the session, the index hit 43,201.43 points intraday high and 42,546.48 points intraday low.
Total daily trading volumes on ready counter however increased to 265.752 million shares as compared to 208.115 million shares traded on Thursday while total daily traded value on ready counter increased to Rs 9.034 billion against previous day’s Rs 7.783 billion.
BRIndex100 decreased by 55.34 points or 1.28 percent to close at 4,266.34 points with total daily turnover of 233.107 million shares.
BRIndex30 declined by 214.01 points or 1.36 percent to close at 15,529.80 points with total daily trading volumes of 175.668 million shares.
Foreign investors however remained net buyers of shares worth $844,110. Total market capitalization declined by Rs 41 billion to Rs 7.110 trillion. Out of total 331 active scrips, 218 closed in negative and only 90 in positive while the value of 23 stocks remained unchanged.
K-Electric was the volume leader with 50.617 million shares and gained Rs 0.12 to close at Rs 3.51 followed by Pak Refinery that inched up by Rs 0.22 to close at Rs 19.08 with 16.788 million shares. Pak Elektron closed at Rs 16.72, up Rs 0.30 with 13.091 million shares. Bata Pak and Sanofi-Aventis were the top gainers increasing by Rs 125.12 and Rs 52.10 respectively to close at Rs 2,110.68 and Rs 1,401.80 while Millat Tractors and Gatron Industries were the top losers declining by Rs 24.66 and Rs 23.99 respectively to close at Rs 860.76 and Rs 346.01.
“Bourse remained under pressure throughout the day due to rising political uncertainty and possible damage from flash floods to the economy,” Mubashir Anir Naviwala at JS Global Capital said. The KSE-100 index closed at 42,591, losing 441 points. Traded volume stood at 266 million shares where KEL (up 3.5 percent), PRL (up 1.2 percent), PAEL (up 1.8 percent), CNERGY (down 2.1 percent) and WTL (down 1.5 percent) were the highest contributors.
BR Automobile Assembler Index declined by 172.48 points or 1.79 percent to close at 9,465.31 points with total turnover of 1.525 million shares.
BR Cement Index decreased by 49.65 points or 1.11 percent to close at 4,436.83 points with 16.403 million shares.
BR Commercial Banks Index lost 83.43 points or 0.92 percent to close at 9,024.83 points with 15.602 million shares.
BR Power Generation and Distribution Index inched down by 76.66 points or 1.33 percent to close at 5,708.70 points with 68.486 million shares.
BR Oil and Gas Index fell by 63.84 points or 1.6 percent to close at 3,938.39 points with 22.211 million shares.
BR Tech. & Comm. Index plunged by 79.35 points or 2.06 percent to close at 3,765.28 points with 31.329 million shares.
An analyst at Arif Habib Limited said that a negative session was witnessed at the PSX due to last day of rollover week as investors opted for profit-taking. The first session consisted of dull activity despite opening in the green zone. However, in the second session investors opted for profit-taking which hammered the index to close in the red zone. Main board volumes stayed dry. On the contrary, hefty volumes were observed in the 3rd tier stocks.
Sectors contributing to the performance include Banks (down 85.5 points), Technology (down 64.0 points), OMCs (down 61.1 points), E&P (down 48.3 points) and Cement (down 37.7 points).
Copyright Business Recorder, 2022
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