KARACHI: Pakistan Stock Exchange Monday witnessed a bloodbath due to concerns over inflation and growth rate due to prevailing flood crisis, experts said.
The market opened in the positive zone but profit-taking was witnessed throughout the day that forced the market to close in deep red with heavy losses.
The benchmark KSE-100 Index plunged by 449.81 points or 1.06 percent and closed below 42,000 crucial level at 41,859.30 points. The index hit 42,385.35 points intraday high and 41,858.16 points intraday low.
Trading activity remained low as total daily volumes on ready counter decreased to 156.803 million shares as compared to 160.139 million shares traded on last Friday while total daily traded value on ready counter declined to Rs 4.368 billion against previous session’s Rs 4.630 billion.
BRIndex100 decreased by 55.98 points or 1.32 percent to close at 4,184.95 points with total daily turnover of 130.088 million shares.
BRIndex30 declined by 288.16 points or 1.87 percent to close at 15,137.74 points with total daily trading volumes of 93.116 million shares.
Foreign investors however remained net buyers of shares worth $116,505. Total market capitalization declined by Rs 62 billion to Rs 6.961 trillion. Out of total 340 active scrips, 253 closed in negative and only 68 in positive while the value of 19 stocks remained unchanged.
WorldCall Telecom was the volume leader with 14.843 million shares however lost Rs 0.05 to close at Rs 1.21 followed by Pak Refinery that closed at Rs 17.91, down Rs 0.91 with 12.792 million shares. Hascol Petroleum gained Rs 0.10 to close at Rs 6.54 with 12.777 million shares.
Premium Textile and Mehmood Textile were the top gainers increasing by Rs 54.00 and Rs 40.00 respectively to close at Rs 802.00 and Rs 900.00 while Sanofi-Aventis and Colgate Palmolive were the top losers declining by Rs 85.99 and Rs 56.96, respectively to close at Rs 1,060.55 and Rs 2,339.00.
An analyst at Arif Habib Limited said that the benchmark KSE-100 index witnessed a bloodbath session due to concerns over inflation and growth rate due to prevailing flood crisis. The market opened in the positive zone but profit taking was witnessed throughout the day. The volumes remained dull across the main board on the contrary, hefty volumes were observed in the 3rd tier stocks.
Sectors contributing to the performance include Banks (down 68.1 points), Technology (down 67.1 points), Cement (down 56.3 points), Fertilizer (down 48.0 points) and Power (down 38.2 points).
BR Automobile Assembler Index decreased by 114.46 points or 1.25 percent to close at 9,034.66 points with total turnover of 400,612 shares.
BR Cement Index fell by 72.91 points or 1.58 percent to close at 4,527.94 points with 24.207 million shares.
BR Commercial Banks Index lost 75.33 points or 0.84 percent to close at 8,842.38 points with 9.637 million shares.
BR Power Generation and Distribution Index declined by 92.21 points or 1.62 percent to close at 5,606.33 points with 9.768 million shares.
BR Oil and Gas Index inched down by 34.25 points or 0.88 percent to close at 3,840.67 points with 19.546 million shares.
BR Tech. & Comm. Index plunged by 82.58 points or 2.19 percent to close at 3,689.22 points with 24.218 million shares.
An analyst at Topline Securities said Pakistan equities closed negative where benchmark KSE-100 Index settled at 41,859 level, down 1.06 percent. Lackluster trading session witnessed at the bourse amid low volumes due to rising inflation and concerns over estimated loss $10 billion as per federal minister for finance Miftah Ismail.
Major decliners in the trading session were SYS, ENGRO, HUBC, HBL and TRG cumulatively dented KSE-100 Index by 149 points.
Copyright Business Recorder, 2022
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