KARACHI: A bearish trend continued on Pakistan Stock Exchange on Friday due to selling pressure on investors’ concerns over prevailing economic situation in the country.
The benchmark KSE-100 Index hit 40,235.58 points intraday high and 39,894.43 points intraday low before closing at 40,065.32 points, down 86.73 points or 0.22 percent. The daily trading volumes on ready counter however increased to 136.899 million shares as compared to 116.478 million shares traded on Thursday. The daily traded value on the ready counter increased to Rs 3.372 billion against previous session’s Rs 2.560 billion.
BRIndex100 lost 19.22 points or 0.49 percent to close at 3,936.87 points with total daily turnover of 111.404 million shares.
BRIndex30 decreased by 97.55 points or 0.72 percent to close at 13,443.98 points with total daily trading volumes of 75.028 million shares.
Foreign investors however remained net buyers of shares worth $441,502. Total market capitalization declined by Rs 7 billion to Rs 6.163 trillion. Out of total 314 active scrips, 178 closed in negative and 109 in positive while the value of 27 stocks remained unchanged.
WorldCall Telecom was the volume leader with 23.260 million shares and closed at Rs 1.08, down Rs 0.02 followed by Unity Foods that lost Rs 0.02 to close at Rs 14.73 with 7.471 million shares. TPLP-JULB inched down by Rs 0.03 to close at Rs 11.81 with 6.223 million shares.
Bata Pak and Sapphire Fiber were the top gainers increasing by Rs 60.13 and Rs 49.15 respectively to close at Rs 1753.13 and Rs 1108.00 while Al-Abbas Sugar and Colgate Palmolive were the top losers declining by Rs 34.00 and Rs 25.04 respectively to close at Rs 426.00 and Rs 1097.67.
An analyst at Arif Habib Limited said the day began in the green for the PSX though the battle was lost to the bears as the opening session closed in the red. The second session resumed in the red and lost 257.63 points in the intraday. The impeding IMF deal along with the political uncertainty kept the investors at bay as the session concluded in the negative zone with losing net 86.73 points. Volumes remained dry in the main-board while the 3rd tier equity remained as the volume board leaders.
Sectors contributing to the performance include Technology & Communication (down 43.0 points), Commercial Banks (down 23.3 points), Power Generation & Distribution (down 17.1 points), Inv. Banks / Inv. Cos. / Securities Cos. (down 16.5 points) and Automobile Assembler (down 16.4 points).
BR Automobile Assembler Index decreased by 74.85 points or 0.96 percent to close at 7,748.02 points with total turnover of 1.046 million shares.
BR Cement Index inched up by 0.22 points to close at 4,457.88 points with 6.166 million shares.
BR Commercial Banks Index lost 29.48 points or 0.36 percent to close at 8,098.79 points with 12.578 million shares.
BR Power Generation and Distribution Index fell by 38.9 points or 0.56 percent to close at 6,953.78 points with 9.466 million shares.
BR Oil and Gas Index gained 13.19 points or 0.36 percent to close at 3,725.46 points with 12.536 million shares.
BR Tech. & Comm. Index declined by 48.3 points or 1.36 percent to close at 3,495.95 points with 35.719 million shares.
An analyst at Topline Securities said a lackluster activity was observed on the last trading session of the week amid lack of triggers, where index traded between its intraday high of plus 84 points and intraday low of minus 258 points with low volumes to close at 40,065 level, down by 0.22 percent.
Major positive contribution to the index came from HMB, MARI, ABOT, SHEL and HBL, as they cumulatively contributed plus 60 points to the index. On the flip side MCB, TRG, SYS, DAWH and UBL lost value to weigh down on the index by minus 78 points.
Copyright Business Recorder, 2023
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