KARACHI: Pakistan Stock Exchange Monday remained under pressure due to rising political uncertainty, flood losses and macroeconomic worries.
The market nosedived in first half of the session, however fresh buying in second half supported the market to minimize its intraday losses.
The benchmark KSE-100 Index hit 41,822.26 points intraday low, however closed at 42,504.34 points, down 87.17 points or 0.20 percent.
Trading activity also remained low as daily volumes on ready counter decreased to 229.211 million shares as compared to 265.752 million shares traded on last Friday while total daily traded value on ready counter declined to Rs 7.284 billion against previous session’s Rs 9.034 billion.
BRIndex100 lost 6.34 points or 0.15 percent to close at 4,260.00 points with total daily turnover of 205.319 million shares.
BRIndex30 closed at 15,524.32 points, down 5.48 points or 0.04 percent with total daily trading volumes of 149.051 million shares.
Foreign investors remained net buyers of shares worth $1.174 million. Total market capitalization declined by Rs 40 billion to Rs 7.070 trillion. Out of total 337 active scrips, 197 closed in negative and 115 in positive while the value of 25 stocks remained unchanged.
WorldCall Telecom was the volume leader with 23.819 million shares however lost Rs 0.03 to close at Rs 1.27 followed by K-Electric that gained Rs 0.02 to close at Rs 3.53 with 15.844 million shares. Cnergyico PK closed at Rs 5.43, down Rs 0.09 with 12.237 million shares.
Gatron Industries and Thal Ind. Corp were the top gainers increasing by Rs 25.95 and Rs 18.82 respectively to close at Rs 371.96 and Rs 269.83 while Nestle Pakistan and Sapphire Textile were the top losers declining by Rs 309.98 and Rs 80.98 respectively to close at Rs 5,790.02 and Rs 1,011. 01.
Mubashir Anis Naviwala at JS Global Capital said that the bourse remained under pressure throughout the day due to rising political uncertainty, flood loss across Sindh and macroeconomic worries. The KSE 100 closed at 42,504, losing 87 points compared to the previous trading session. Traded volume stood at 229 million shares where WTL (down 2.3 percent), KEL (up 0.6 percent), CNERGY (down 1.6 percent), PRL (down 0.5 percent) and UNITY (up 0.7 percent) were the highest contributors.
BR Automobile Assembler Index declined by 87.07 points or 0.92 percent to close at 9,378.24 points with total turnover of 1.140 million shares.
BR Cement Index lost 10.12 points or 0.23 percent to close at 4,426.71 points with 17.227 million shares.
BR Commercial Banks Index inched down by 12.02 points or 0.13 percent to close at 9,012.81 points with 10.606 million shares.
BR Power Generation and Distribution Index closed at 5,708.59 points, down 0.11 points with 24.439 million shares.
BR Oil and Gas Index fell by 22.87 points or 0.58 percent to close at 3,915.52 points with 16.565 million shares.
BR Tech. & Comm. Index gained 9.45 points or 0.25 percent to close at 3,774.73 points with 40.593 million shares.
An analyst at Arif Habib Limited said that the market observed a negative session due to concerns over mounting inflation and GDP growth rate. Investors’ participation remained sideways throughout the day although value buying was witnessed in the last trading hour which helped the index to recover as it made an intraday low of 763.38 points. Volumes remained dry in the main board whereas hefty volumes were witnessed in the 3rd tier stocks. Sectors contributing to the performance include E&P (down 29.5 points), Food and Personal Care (down 25.7 points), Autos (down 17.8 points), Pharmaceuticals (down 15.9 points) and Textiles (down 13.4 points).
Copyright Business Recorder, 2022
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