KARACHI: Pakistan Stock Exchange Tuesday witnessed a bearish trend due to selling on investor concerns on expectations of interest rate hike and prevailing economic and political situation in the country.
The benchmark KSE-100 Index declined by 202.64 points or 0.51 percent and closed at 39,687.26 points. The index hit 39,921.61 points intraday high and 39,482.64 points intraday low.
The daily trading volumes on ready counter stood at 83.255 million shares as compared to 74.430 million shares traded Monday. The daily traded value on ready counter increased to Rs 2.186 billion against previous session’s Rs 1.750 billion.
BRIndex100 lost 18.01 points or 0.45 percent to close at 4,025.19 points with total daily turnover of 71.238 million shares.
BRIndex30 decreased by 101.43 points or 0.71 percent to close at 14,252.80 points with total daily trading volumes of 52.138 million shares.
Foreign investors however remained net buyers of shares worth $926,012. Total market capitalization declined by Rs 24 billion to Rs 6.062 trillion. Out of total 295 active scrips, 175 closed in negative and 100 in positive while the value of 20 stocks remained unchanged.
Telecard Limited was the volume leader with 10.944 million shares however closed on the previous session’s closing level of Rs 8.04 without any change followed by PPL that declined by Rs 1.36 to close at Rs 63.02 with 6.695 million shares. Hascol Petroleum gained Rs 0.10 to close at Rs 5.97 with 5.786 million shares.
Nestle Pakistan and Khyber Textile were the top gainers increasing by Rs 97.50 and Rs 34.44 respectively to close at Rs 5115.00 and Rs 493.70 while Sapphire Fiber and Bhanero Textile were the top losers declining by Rs 75.68 and Rs 74.75, respectively to close at Rs 942.10 and Rs 925.25.
An analyst at Arif Habib Limited said that the PSX recorded a negative session. The market opened in the red and continued to trade in the same territory due to the expectation of a rate hike at the Monetary Policy Committee meeting, losing 407.79 points intraday. Due to the Supreme Court’s decision on the provincial elections in Punjab and Khyber Pakhtunkhwa, investor participation has remained low. However, in the final trading hour following the announcement of the decision, investors gained confidence and chose to add value to their portfolios. The main-board saw reasonable volume, while 3rd stocks dominated the volume board.
Sectors contributing to the performance include E&P (down 72.0 points), Commercial Banks (down 31.8 points), Inv. Banks / Inv. Cos. / Securities Cos. (down 19.4 points), Power Generation & Distribution (down 21.1 points) and Fertilizer (down 12.2 points).
BR Automobile Assembler Index declined by 50.81 points or 0.67 percent to close at 7,530.27 points with total turnover of 613,292 shares.
BR Cement Index gained 4.14 points or 0.11 percent to close at 3,823.63 points with 3.803 million shares.
BR Commercial Banks Index lost 31.03 points or 0.38 percent to close at 8,146.18 points with 6.706 million shares.
BR Power Generation and Distribution Index fell by 47.73 points or 0.67 percent to close at 7,025.25 points with 4.394 million shares.
BR Oil and Gas Index decreased by 45.83 points or 1.18 percent to close at 3,837.83 points with 17.362 million shares.
BR Tech. & Comm. Index closed at 4,088.03 points, down 4.25 points or 0.1 percent with 19.191 million shares.
“Another lackluster session was witnessed at the bourse”, Muhammad Waqar Iqbal
At JS Global Capital said. The market opened on a negative note losing 408 points as investors chose to stay sidelined, this was also reflected in volumes. The KSE-100 Index closed at 39,687, losing 203 points. Traded volume stood low at 83 million shares where TELE (zero percent), PPL (down 2.1 percent), HASCOL (up 1.7 percent), WTL (zero percent) and BOP (down 2.3 percent) were the highest contributors.
Copyright Business Recorder, 2023
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