KARACHI: Pakistan Stock Exchange on Wednesday witnessed a bearish trend due to selling pressure on investor concerns over prevailing economic situation in the country.
The benchmark KSE-100 index declined by 432.23 points or 1.06 percent and closed at 40,220.80 points. During the session the index hit 40,804.88 points intra-day high and 40,191.25 points intra-day low level.
Trading activities remained extremely low as total daily volumes on ready counter decreased to 97.020 million shares as compared to 124.856 million shares traded on Tuesday, while total daily traded value on ready counter declined to Rs 3.572 billion against previous session’s Rs 4.031 billion.
BRIndex100 decreased by 41.05 points or 1.02 percent to close at 3,965.00 points with total daily turnover of 75.286 million shares.
BRIndex30 plunged by 195.7 points or 1.42 percent to close at 13,558.11 points with total daily trading volumes of 48.907 million shares. Total market capitalization declined by Rs 80 billion to Rs 6.182 trillion. Out of total 323 active scrips, 231 closed in negative and only 69 in positive while the value of 23 stocks remained unchanged.
WorldCall Telecom was the volume leader with 11.646 million shares and closed at Rs 1.11, down Re 0.03 followed by BankIslami Pak that lost Re 0.69 to close at Rs 16.12 with 7.858 million shares. Shell Pakistan declinedby Rs 7.01 to close at Rs 109.18 with 4.664 million shares.
JS Global Capital and Gatron Industries were the top gainers increasing by Rs 6.73 and Rs 4.42 respectively to close at Rs 205.00 and Rs 248.48 while Allawasaya Textile and Bata Pak were the top losers declining by Rs 164.00 and Rs 85.57 respectively to close at Rs 2024.00 and Rs 1750.00.
BR Automobile Assembler Index lost 8.65 points or 0.11 percent to close at 7,675.82 points with total turnover of 751,296 shares.
BR Cement Index inched down by 12.48 points or 0.28 percent to close at 4,462.15 points with 5.733 million shares.
BR Commercial Banks Index decreased by 54.61 points or 0.67 percent to close at 8,145.83 points with 20.856 million shares.
BR Power Generation and Distribution Index declined by 90.3 points or 1.29 percent to close at 6,919.42 points with 5.505 million shares.
BR Oil and Gas Index fell by 51.6 points or 1.37 percent to close at 3,722.12 points with 15.648 million shares.
BR Tech & Comm Index plunged by 55.48 points or 1.54 percent to close at 3,551.30 points with 16.241 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks fell across the board as investor weigh concerns for Pakistan Bond Yields near to 119.5 percent maturing April ‘24 on soaring default risk.
He said economic uncertainty, dismal data on FDIs falling by 21 percent for July-May’23 and delays over IMF bailout program revival played a catalyst role in bearish close.
Copyright Business Recorder, 2023
Comments
Comments are closed.