KARACHI: Pakistan Stock Exchange Wednesday witnessed a bearish trend and closed in red zone as investors opted to book profit on rumors of new tax measures in the upcoming budget.
The benchmark KSE-100 Index declined by 341.10 points or 0.82 percent and closed at 41,330.56 points. The index hit 41,852.24 points intraday high and 41,265.04 points intraday low.
Trading activity remained thin as total daily volumes on ready counter decreased to 158.102 million shares as compared to 197.681 million shares traded Tuesday. The daily traded value on ready counter declined to Rs 6.167 billion against previous session’s Rs 6.403 billion.
BRIndex100 fell by 42.2 points or 1.01 percent to close at 4,130.50 points with daily turnover of 140.793 million shares.
BRIndex30 decreased by 177.15 points or 1.25 percent to close at 13,956.43 points with total daily trading volumes of 96.845 million shares.
Foreign investors also remained net sellers of shares worth $236,840. Total market capitalization declined by Rs 46 billion to Rs 6.277 trillion. Out of total 332 active scrips, 224 closed in negative and only 87 in positive while the value of 21 stocks remained unchanged.
WorldCall Telecom was the volume leader with 20.723 million shares however lost Rs 0.07 to close at Rs 1.18 followed by Maple Leaf Cement that gained Rs 0.13 to close at Rs 28.17 with 8.728 million shares. Fauji Cement closed at Rs 11.78, down Rs 0.35 with 6.478 million shares.
Bhanero Textile and Khyber Textile were the top gainers increasing by Rs 44.12 and Rs 40.61 respectively to close at Rs 1200.00 and Rs 588.50 while Unilever Foods and Colgate Palmolive were the top losers declining by Rs 901.00 and Rs 38.61 respectively to close at Rs 22499.00 and Rs 1506.61.
An analyst at Arif Habib Limited said a negative session was observed at the PSX. The benchmark KSE-100 Index began the day in green, but bulls lost control as the bears triumphed at the end of the day. The KSE-100 index hit an intraday low of 41,265 (down 406.62 points) following some market chatter with regard to new tax measures in the upcoming budget as investors decided to book profits. Investor participation was marginally lower while the cement sector remained in the limelight.
Sectors contributing to the performance include Technology & Communication (down 86.6 points), Cement (down 67.9 points), E&P (down 51.5 points), Chemical (down 27.0 points) and Fertilizer (down 18.9 points).
BR Automobile Assembler Index lost 37.36 points or 0.5 percent to close at 7,384.72 points with total turnover of 2.483 million shares.
BR Cement Index declined by 91.77 points or 1.98 percent to close at 4,541.23 points with 24.902 million shares.
BR Commercial Banks Index inched down by 10.16 points or 0.12 percent to close at 8,546.19 points with 12.013 million shares.
BR Power Generation and Distribution Index fell by 35.39 points or 0.49 percent to close at 7,250.97 points with 7.517 million shares.
BR Oil and Gas Index decreased by 40.63 points or 1.07 percent to close at 3,743.14 points with 15.146 million shares.
BR Tech. & Comm. Index plunged by 93.9 points or 2.52 percent to close at 3,632.73 points with 39.971 million shares.
An analyst at Topline Securities said that range bound session was observed at the exchange as the index traded between its intraday high of plus 181 points and intraday low of minus 407 points to finally settle at 41,338 level, down 0.8 percent.
Major positive contribution to the index came from UBL, DAWH, MCB, EFERT and PIOC, as cumulatively contributed 67 points to the index. On the other hand LUCK, SYS, FFC, TRG and OGDC lost value to weigh down on the index by minus 191 points.
Copyright Business Recorder, 2023
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