KARACHI: Pakistan Stock Exchange Tuesday remained under pressure and closed on a negative note due to selling on investor concerns over prevailing economic and political situation in the country.
The market opened in the green territory however, selling momentum built up over the ongoing political clamor in the country, experts said. Deteriorating macroeconomic factors continued to undermine investor confidence, they added.
The benchmark KSE-100 Index lost 72.73 points or 0.17 percent to close at 41,539.94 points. The index hit 41,746.00 points intraday high and 41,295.10 points intraday low level.
Daily trading volumes on ready counter stood at 131.698 million shares as compared to 126.256 million shares traded on Monday while total daily traded value on ready counter stood at Rs 3.899 billion against previous session’s Rs 3.244 billion.
BRIndex100 closed at 4,152.30 points, down 0.06 points with total daily turnover of 100.867 million shares.
BRIndex30 gained 53.9 points or 0.35 percent to close at 15,330.50 points with total daily trading volumes of 52.496 million shares.
Foreign investors however remained net buyers of equities worth $2.166 million. Total market capitalization declined by Rs 31 billion to Rs 6.630 trillion. Out of total 326 active scrips, 186 closed in negative and 112 in positive while the value of 28 stocks remained unchanged.
Dewan Cement was the volume leader with 11.279 million shares and gained Rs 0.30 to close at Rs 5.54 followed by WorldCall Telecom that closed at Rs 1.37, up Rs 0.01 with 9.872 million shares. Dewan Motors increased by Rs 1.04 to close at Rs 15.01 with 9.868 million shares.
Pak Services and Shield Corp were the top gainers increasing by Rs 49.29 and Rs 21.38 respectively to close at Rs 975.60 and Rs 316.00 while Sapphire Fiber and Colgate Palmolive were the top losers declining by Rs 78.71 and Rs 39.09 respectively to close at 971.40 and Rs 1943.33.
Muhammad Shuja Qureshi at JS Global Capital said that bottom fishing in the last one hour of trading helped the KSE-100 Index recover from an intraday low of 41,297 points to close at 41,540, down by 73 points.
Volumes remained thin for most part of the day and finally rose to 132 million shares. DCL (up 5.7 percent), WTL (up 0.7 percent), DFML (up 7.4 percent), TPLP (up 4.5 percent) and KOSM (down 1.4 percent) were the top five volume leaders.
BR Automobile Assembler Index declined by 138.47 points or 1.64 percent to close at 8,282.06 points with total turnover of 10.426 million shares.
BR Cement Index closed at 3,997.78 points, up 0.05 points with 19.941 million shares.
BR Commercial Banks Index lost 17.06 points or 0.2 percent to close at 8,336.91 points with 8.110 million shares.
BR Power Generation and Distribution Index fell by 21.34 points or 0.32 percent to close at 6,730.88 points 5.264 million shares.
BR Oil and Gas Index inched down by 9.02 points or 0.24 percent to close at 3,793.55 points with 12.302 million shares.
BR Tech. & Comm. Index added 44.22 points or 0.95 percent to close at 4,686.91 points with 20.653 million shares.
An analyst at Arif Habib Limited said that a mixed session was witnessed at the PSX. The market opened in the green territory however, selling momentum built up over the ongoing political clamor in the country. Deteriorating macroeconomic factors have continued to undermine investors’ confidence resulting in significant volume reductions from the main-board as 3rd tier stocks continued to dominate the volume board.
Sectors contributing to the performance include Automobile Assembler (down 27.7 points), Chemical (down 18.7 points), OMC (down 16.6 points), Commercial Banks (down 16.0 points) and Inv. Banks / Inv. Cos. / Securities Cos. (down 13.6 points).
Copyright Business Recorder, 2022
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