KARACHI: Pakistan Stock Exchange on Thursday witnessed a highly volatile session as the market started on strong positive note but eventually closed in deep red due to heavy selling in various sectors.
The benchmark KSE-100 Index plunged by 419.26 points or 0.87 percent and closed at 47,808.34 points. The index hit 48,622.91 points intraday high and 47,626.75 points intraday low.
Trading activity slightly improved as the daily volumes on ready counter increased to 322.207 million shares as compared to 312.301 million shares traded on Wednesday. However, the daily traded value on ready counter declined to Rs 12.757 billion against previous session’s Rs 14.305 billion.
BRIndex100 decreased by 63.37 points or 1.29 percent to close at 4,839.42 points with total daily turnover of 299.239 million shares.
BRIndex30 declined by 405.07 points or 2.3 percent to close at 17,239.37 points with total daily trading volumes of 217.568 million shares.
Foreign investors however remained net buyers of shares worth $1.533 million. Total market capitalization declined by Rs 54 billion to Rs 7.144 trillion. Out of total 332 active scrips, 209 closed in negative and 105 in positive while the value of 18 stocks remained unchanged.
WorldCall Telecom was the volume leader with 41.524 million shares however lost Rs 0.03 to close at Rs 1.20 followed by Bank Alfalah that lost Rs 1.03 to close at Rs 40.40 with 23.236 million shares. OGDC declined by Rs 3.74 to close at Rs 100.61 with 22.027 million shares.
Nestle Pakistan and Rafhan Maize were the top gainers increasing by Rs 95.18 and Rs 40.00 respectively to close at Rs 7095.15 and Rs 8600.00 while Siemens Pak and ZIL Limited were the top losers declining by Rs 22.99 and Rs 15.00 respectively to close at Rs 650.00 and Rs 260.00.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed sharply lower on political noise amid uncertainty over appointment of caretaker government setup after NA dissolved and weak rupee.
He said surging industrial power tariff impacting corporate earnings and uncertain outcome Iran refusal to government of Pakistan suspension notice of Iran-Pak gas pipeline project played a catalytic role in bearish close.
BR Automobile Assembler Index lost 10.46 points or 0.12 percent to close at 8,877.47 points with total turnover of 3.383 million shares.
BR Cement Index inched down by 20.53 points or 0.4 percent to close at 5,089.79 points with 15.315 million shares.
BR Commercial Banks Index plunged by 122.27 points or 1.08 percent to close at 11,237.95 points with 48.328 million shares.
BR Power Generation and Distribution Index fell by 72.99 points or 0.78 percent to close at 9,259.59 points with 32.642 million shares.
BR Oil and Gas Index declined by 92.99 points or 2.08 percent to close at 4,379.44 points with 47.716 million shares.
BR Tech. & Comm. Index decreased by 74.01 points or 1.89 percent to close at 3,848.04 points with 55.104 million shares.
Muhammad Waqar Iqbal at JS Global Capital said that the trading session was marked by high volatility, as the KSE-100 Index started with a positive movement of plus 395 points, but eventually ended on a negative note, dropping by 419 points to close at 47,808 points.
WTL (down 2.4 percent), BAFL (down 2.5 percent), OGDC (down 3.6 percent), TPLP (up 1.9 percent) and CNERGY (down 3.3 percent) were the volume leaders.
Copyright Business Recorder, 2023
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