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KARACHI: Pakistan Stock Exchange Monday witnessed a bearish trend due to selling in various sectors as investors opted to remain on the sidelines following concerns over the prevailing economic and political situation in the country.

The market opened on a positive note, however failed to continue this trend due to selling pressure on expectation of higher inflation in coming months as well as prevailing economic instability and news of blast in Peshawar that plunged the market in red zone.

The benchmark KSE-100 Index plunged by 579.26 points or 1.43 percent and closed below 40,000 psychological level at 39,871.27 points. The index hit 40,667.43 points intraday high and 39,842.85 points intraday low.

Due to investors’ lack of interest, trading activities remained thin as total daily volumes on ready counter decreased to 140.465 million shares as compared to 191.327 million shares traded on last Friday while total daily traded value on ready counter declined to Rs 5.458 billion against previous session’s Rs 7.119 billion.

BRIndex100 decreased by 63.43 points or 1.57 percent to close at 3,968.18 points with total daily turnover of 129.504 million shares.

BRIndex30 declined by 243.06 points or 1.68 percent to close at 14,184.22 points with total daily trading volumes of 97.828 million shares.

Foreign investors also remained net sellers of shares worth $38,231. Total market capitalization declined by Rs 58 billion to Rs 6.293 trillion. Out of total 314 active scrips, 210 closed in negative and only 80 in positive while the value of 24 stocks remained unchanged.

Pak Refinery was the volume leader with 21.142 million shares and gained Rs 0.05 to close at Rs 13.66 followed by Cnergyico PK that closed at Rs 3.88, down Rs 0.01 with 11.806 million shares. Engro Polymer increased by 0.88 to close at Rs 47.01 with 6.695 million shares.

Rafhan Maize and Premium Textile were the top gainers increasing by Rs 614.00 and Rs 35.00 respectively to close at Rs 8999.00 and Rs 595.95 while Pak Services and Nestle Pakistan were the top losers declining by Rs 165.50 and Rs 120.00 respectively to close at Rs 2110.00 and Rs 5160.00.

“A negative session was recorded at the PSX,” an analyst at Arif Habib Limited said. The benchmark KSE-100 Index opened in the green zone, but expectation of higher inflation in coming months as well as prevailing economic instability and news of blast in Peshawar plunged the index down to an intraday low of minus 606.14 points and concluded in the red zone. Investor participation remained low and closed in red zone at the end of the trading day. Volumes, on the other hand, remained healthy across the board.

Sectors contributing to the performance include Commercial Banks (down 141.6 points), Miscellaneous (down 84.7 points), Fertilizer (down 82.5 points), Technology & Communication (down 72.4 points), and Cement (down 67.3 points).

BR Automobile Assembler Index gained 33.55 points or 0.47 percent to close at 7,144.45 points with total turnover of 2.016 million shares.

BR Cement Index plunged by 91.43 points or 2.52 percent to close at 3,536.89 points with 11.428 million shares.

BR Commercial Banks Index declined by 136.69 points or 1.7 percent to close at 7,893.76 points with 8.785 million shares.

BR Power Generation and Distribution Index decreased by 83.87 points or 1.29 percent to close at 6,393.90 points with 9.950 million shares.

BR Oil and Gas Index lost 28.33 points or 0.7 percent to close at 4,004.73 points with 19.321 million shares.

BR Tech. & Comm. Index fell by 76.58 points or 1.85 percent to close at 4,067.92 points with 10.910 million shares.

Mohammed Waqar Iqbal at JS Global Capital said that the KSE-100 Index closed at 39,871 level, losing 579 points compared to the previous trading session. Selling pressure was witnessed after news reports of a blast in Peshawar.

Traded volume stood at 140 million shares where PRL (up 0.4 percent), CNERGY (down 0.3 percent), EPCL (up 1.9 percent), PPL (down 3.0 percent) and OGDC (down 0.4 percent) were the volume leaders.

Copyright Business Recorder, 2023

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