KARACHI: Pakistan Stock Exchange Monday witnessed a mixed trend and after moving both ways, closed on a negative note due to selling in various sectors on investor concerns over prevailing economic and political situation in the country. The benchmark KSE-100 Index hit 40,076.66 points intraday high and 39,864.01 points intraday low before closing at 39,889.90 points, down 110.93 points or 0.28 percent.
Trading activity remained extremely low as total daily volumes on ready counter decreased to 74.430 million shares as compared to 112.200 million shares traded last Friday. The daily traded value on ready counter declined to Rs 1.750 billion against previous session’s Rs 3.933 billion.
BRIndex100 lost 12.86 points or 0.32 percent to close at 4,043.20 points with total daily turnover of 67.841 million shares.
BRIndex30 inched down by 12.67 points or 0.09 percent to close at 14,354.23 points with total daily trading volumes of 53.354 million shares.
Foreign investors however remained net buyers of shares worth $993,698. Total market capitalization declined by Rs 22 billion to Rs 6.086 trillion. Out of total 298 active scrips, 167 closed in negative and 109 in positive while the value of 22 stocks remained unchanged.
Telecard Limited was the volume leader with 17.784 million shares and gained Rs 0.60 to close at Rs 8.04 followed by WorldCall Telecom that closed at Rs 1.17, down Rs 0.01 with 3.711 million shares. Pak Elektron lost Rs 0.47 to close at Rs 10.83 with 3.568 million shares.
Unilever Foods and Sapphire Textile were the top gainers increasing by Rs 100.00 and Rs 63.29 respectively to close at Rs 18000.00 and Rs 1179.00 while Bhanero Textile and Pak Tobacco were the top losers declining by Rs 50.00 and Rs 48.90 respectively to close at Rs 1000.00 and Rs 621.10.
An analyst at Arif Habib Limited said that a mixed session was recorded at the PSX to kick off the business week. The market opened in the green zone, but lack of investor involvement drove the index down into the red zone, where it remained for the rest of the trading session, swinging in both directions and eventually closing in the red.
Due to speculation of a policy rate hike in the Monetary Policy Committee meeting tomorrow, investors chose to stay on the sidelines. Volumes in the main-board dried up, while third-tier companies continued to dominate the volume board.
Sectors contributing to the performance include Cement (down 46.0 points), Fertilizer (down 28.2 points), Commercial Banks (down 27.4 points), OMCs (down 21.1 points) and Automobile Assembler (down 19.3 points).
BR Automobile Assembler Index declined by 109.42 points or 1.42 percent to close at 7,581.08 points with total turnover of 345,667 shares.
BR Cement Index decreased by 49.14 points or 1.27 percent to close at 3,819.49 points with 3.658 million shares.
BR Commercial Banks Index lost 15.16 points or 0.19 percent to close at 8,177.21 points with 7.569 million shares.
BR Power Generation and Distribution Index gained 21.13 points or 0.3 percent to close at 7,072.98 points with 3.387 million shares.
BR Oil and Gas Index inched up by 2.03 points or 0.05 percent to close at 3,883.66 points with 7.691 million shares.
BR Tech. & Comm. Index closed at 4,092.28 points, up 32.42 points or 0.8 percent with 24.234 million shares.
Muhammad Waqar Iqbal at JS Global Capital said that the market remained dull with lackluster volumes. The KSE-100 Index closed at 39,890, losing 111 points compared to the previous trading session.
The market turnover stood at 74 million shares where TELE (up 8.1 percent), WTL (down 0.8 percent), PAEL (down 4.2 percent), BOP (down 1.5 percent) and PIBTL (down 6.4 percent) were the highest contributors.
Copyright Business Recorder, 2023
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