KARACHI: Pakistan Stock Exchange Friday witnessed another bearish session due to selling on investor concerns over prevailing political situation in the country.
The benchmark KSE-100 Index declined by 364.14 points or 0.87 percent and closed on 41,329.95 points. The index hit 41,808.88 points intra-day high and 41,270.82 points intra-day low level.
Trading activity remained thin as total daily volumes on ready counter declined to 172.605 million shares as compared to 234.696 million shares traded on Thursday however, daily traded value on ready counter increased to Rs 8.019 billion against previous session’s Rs 7.462 billion.
BRIndex100 decreased by 38.08 points or 0.9 percent to close at 4,178.56 points with total daily turnover of 146.583 million shares.
BRIndex30 fell by 84.48 points or 0.56 percent to close at 15,073.12 points with total daily trading volumes of 79.577 million shares.
Foreign investors remained net buyers of shares worth $43,198. Total market capitalization declined by Rs 35 billion to Rs 6.319 trillion. Out of total 313 active scrips, 171 closed in negative and 121 in positive while the value of 21 stocks remained unchanged.
Habib Bank Limited was the volume leader with 9.176 million shares however declined by Rs 1.66 to close at Rs 75.61 followed by Hascol Petroleum that inched up by Rs 0.01 to close at Rs 6.32 with 9.153 million shares. Pak Int. Bulk closed at Rs 4.15, up Rs 0.01 with 8.307 million shares.
Ismail Industries and J.D.W. Sugar were the top gainers increasing by Rs 30.21 and Rs 26.70 respectively to close at Rs 433.11 and Rs 382.79 while Rafhan Maize and Pak Services were the top losers declining by Rs 200.00 and Rs 91.47 respectively to close at Rs 7800.00 and Rs 1500.00.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed lower after FM reports of IMF deal delay and hurdles over carryover of nukes, missiles program.
He said uncertainty over outcome of IMF conditions on seeking assurance over funding gaps in balance of payments from friendly countries over support commitments played a catalyst role in bearish close.
BR Automobile Assembler Index lost 12.02 points or 0.16 percent to close at 7,554.56 points with total turnover of 2.622 million shares.
BR Cement Index declined by 46.25 points or 1.12 percent to close at 4,065.79 points with 15.269 million shares.
BR Commercial Banks Index fell by 48.58 points or 0.58 percent to close at 8,341.13 points with 22.597 million shares.
BR Power Generation and Distribution Index decreased by 54.92 points or 0.76 percent to close at 7,155.60 points with 4.558 million shares.
BR Oil and Gas Index inched down by 23.79 points or 0.59 percent to close at 4,032.68 points with 26.298 million shares.
BR Tech. & Comm. Index plunged by 103.5 points or 2.42 percent to close at 4,174.70 points with 17.985 million shares.
“To cap off the business week, the PSX recorded a negative session,” an analyst at Arif Habib Limited said. The market opened in the negative zone but continued to trade both ways during the opening session, as anticipated SLA agreement between the government and the IMF is prolonged.
The second session commenced, and investors chose to book profits as the index fell to an intraday low of minus 423.28 points due to the current political uncertainty and the impending uncertain weekend on both the political and economic fronts. Investors’ participation remained sluggish although dull volumes were witnessed across the board.
Sectors contributing to the performance include Technology & Communication (down 103.7 points), Fertilizer (down 71.2 points), Commercial Banks (down 50.1 points), Miscellaneous (down 47.9 points) and E&P (down 36.9 points).
Copyright Business Recorder, 2023
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