KARACHI: Pakistan Stock Exchange Monday witnessed a bearish trend as investors remained cautious and avoided taking fresh positions due to prevailing political uncertainties, as well stalled IMF program.
The benchmark KSE-100 Index plunged by 404.12 points or 0.97 percent and closed at 41,195.07 points.
Trading activity remained extremely low as total daily volumes on ready counter decreased to 97.765 million shares as compared to 120.373 million shares traded last Friday. Total daily traded value on ready counter declined to Rs 2.879 billion against previous session’s Rs 3.277 billion.
BRIndex100 decreased by 45.92 points or 1.1 percent to close at 4,135.50 points with total daily turnover of 79.995 million shares.
BRIndex30 declined by 194.7 points or 1.35 percent to close at 14,197.00 points with total daily trading volumes of 54.287 million shares. Foreign investors remained net buyers of shares worth $577,408. Total market capitalization declined by Rs 56 billion to Rs 6.207 trillion. Out of total 314 active scrips, 215 closed in negative and only 74 in positive while the value of 25 stocks remained unchanged.
WorldCall Telecom was the volume leader with 11.452 million shares and closed at Rs 1.12, down Rs 0.02 followed by K-Electric that lost Rs 0.07 to close at Rs 1.82 with 9.585 million shares. Air Link Commun gained Rs 0.33 to close at Rs 22.30 with 5.197 million shares.
Nestle Pakistan and ZIL Limited were the top gainers increasing by Rs 170.42 and Rs 22.00 respectively to close at Rs 6586.67 and Rs 338.00 while Pak Tobacco and Pak Services were the top losers declining by Rs 51.49 and Rs 29.90 respectively to close at Rs 658.51 and Rs 860.10.
An analyst at Arif Habib Limited said that a negative session was witnessed at the PSX to mark the start of the week. The benchmark KSE-100 Index opened in the negative as a result of the country’s political uncertainties, as well as the prolonged resumption of the IMF Program, which kept investors at bay. Volumes remained sluggish across the board, with third-tier equities leading the pack.
Sectors contributing to the performance include Commercial Banks (down 105.4 points), E&P (down 59.9 points), Technology & Communication (down 44.7 points), Fertilizer (down 26.5 points) and Power Generation & Distribution (down 25.1 points).
BR Automobile Assembler Index inched down by 4.16 points or 0.06 percent to close at 7,548.00 points with total turnover of 510,647 shares. BR Cement Index decreased by 23.57 points or 0.55 percent to close at 4,263.41 points with 4.554 million shares.
BR Commercial Banks Index declined by 96.15 points or 1.1 percent to close at 8,647.88 points with 8.860 million shares.
BR Power Generation and Distribution Index lost 22.98 points or 0.31 percent to close at 7,379.51 points with 13.732 million shares.
BR Oil and Gas Index fell by 44.47 points or 1.16 percent to close at 3,777.41 points with 11.705 million shares.
BR Tech. & Comm. Index plunged by 44.99 points or 1.2 percent to close at 3,710.85 points with 23.404 million shares.
Sara Saeed at JS Global Capital said the KSE-100 Index witnessed selling pressure as it closed at the 41,195 level, losing 404 points compared to the previous trading session. Traded volume stood at 98 million shares where highest contribution came from WTL (down 1.8 percent), KEL (down 3.7 percent), AIRLINK (up 1.5 percent), BIPL (up 4.6 percent) and OGDC (down 1.7 percent).
Copyright Business Recorder, 2023
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