KARACHI: Pakistan Stock Exchange on Monday remained under severe pressure and closed in deep red with heavy losses due to across-the-board heavy selling on investor concerns over prevailing political and economic situation in the country.
The benchmark KSE-100 Index plunged by 770.54 points or 1.60 percent and closed below 48,000 psychological level to close at 47,447.96 points. The index hit 48,234.26 points intraday high and 47,432.72 points intraday low.
Trading activity also remained low as total daily volumes on ready counter decreased to 211.230 million shares as compared to 254.814 million shares traded last Friday. The daily traded value on the ready counter declined to Rs 7.076 billion against previous session’s Rs 10.414 billion.
BRIndex100 decreased by 90.83 points or 1.86 percent to close at 4,792.59 points with daily turnover of 187.921 million shares.
BRIndex30 declined by 375.68 points or 2.17 percent to close at 16,910.54 points with total daily trading volumes of 121.292 million shares.
Foreign investors however remained net buyers of shares worth $1.309 million. Total market capitalization declined by Rs 115 billion to stand at Rs 7.073 trillion. Out of total 323 active scrips, 253 closed in negative and only 50 in positive while the value of 20 stocks remained unchanged.
WorldCall Telecom was the volume leader with 51.424 million shares and gained Rs 0.02 to close at Rs 1.27 followed by K-Electric that inched up by Rs 0.05 to close at Rs 2.23 with 8.423 million shares. OGDC declined by Rs 2.85 to close at Rs 96.44 with 7.312 million shares.
Mehmood Textile and Sanofi-Aventis were the top gainers increasing by Rs 42.95 and Rs 20.00 respectively to close at Rs 734.95 and Rs 820.00 while Nestle Pakistan and Rafhan Maize were the top losers declining by Rs 200.00 and Rs 137.50 respectively to close at Rs 7200.00 and Rs 8450.00.
Ahsan Mehanti at Arif Habib Corporation said that stocks fell across the board amid uncertainty over outcome of President alarming disclosure on refuting to signing of the Pakistan Army and Official Secrets Bills laws approved.
He said slump in PKR, investor concerns for dismal data of $809 million current account deficit in July 2023 and weak earnings outlook amid expected further hike in power tariff and POL prices played a catalyst role in bearish close.
BR Automobile Assembler Index lost 85.07 points or 0.94 percent to close at 8,952.10 points with total turnover of 4.535 million shares.
BR Cement Index fell by 58.45 points or 1.16 percent to close at 4,985.06 points with 8.854 million shares.
BR Commercial Banks Index plunged by 267.44 points or 2.36 percent to close at 11,063.10 points with 20.914 million shares.
BR Power Generation and Distribution Index declined by 192.74 points or 2.06 percent to close at 9,155.20 points with 28.003 million shares.
BR Oil and Gas Index decreased by 85.05 points or 1.91 percent to close at 4,359.66 points with 19.454 million shares.
BR Tech. & Comm. Index closed at 4,002.80 points, down 48.47 points or 1.2 percent with 60.512 million shares.
Muhammad Waqar Iqbal at JS Global Capital said the bourse remained under pressure throughout the day due to a lack of positive triggers. Profit taking was witnessed across the board taking benchmark KSE-100 Index to close at 47,448, losing 771 points.
Traded volume stood at 211 million shares with WTL (up 1.6 percent), KEL (up 2.3 percent), OGDC (down 2.9 percent), PRL (down 3.5 percent) and PPL (down 2.3 percent) being the highest contributors.
Copyright Business Recorder, 2023
Comments
Comments are closed.