Stocks in deep red with heavy losses

KARACHI: Bearish trend continued on Pakistan Stock Exchange on Tuesday as selling pressure forced the market to close in deep red with heavy losses.

The benchmark KSE-100 index plunged by 708.19 points or 1.49 percent and closed below 47,000 psychological level at 46,770.42 points. During the session, the index hit 46,598.24 points intra-day low level.

Total daily trading volumes on ready counter increased to 217.852 million shares as compared to 184.138 million shares traded on Monday while total daily traded value on ready counter increased to Rs 8.280 billion against previous session’s Rs 6.465 billion.

BRIndex100 decreased by 79.06 points or 1.66 percent to close at 4,695.67 points with total daily turnover of 195.746 million shares.

BRIndex30 declined by 249.67 points or 1.5 percent to close at 16,436.20 points with total daily trading volumes of 128.669 million shares.

The foreign investors however remained net buyers of shares worth $1.444 million. Total market capitalization declined by Rs 89 billion to Rs 6.971 trillion. Out of total 328 active scrips, 244 closed in negative and only 62 in positive while the value of 22 stocks remained unchanged.

WorldCall Telecom was the volume leader with 27.409 million shares however lost Re 0.03 to close at Rs 1.20 followed by K-Electric that inched down by Re 0.02 to close at Rs 2.00 with 14.731 million shares. Dewan Motors gained Re 0.94 to close at Rs 16.32 with 9.549 million shares.

Sanofi-Aventis and Al-Abbas Sugar were the top gainers increasing by Rs 48.00 and Rs 17.99 respectively to close at Rs 759.00 and Rs 517.99 while Rafhan Maize and Systems Limited were the top losers declining by Rs 45.00 and Rs 34.44 respectively to close at Rs 8255.00 and Rs 430.89.

Muhammed Waqar Iqbal at JS Global Capital said the market began with a decline in the value of prominent stocks, and this downward trend persisted throughout the trading session. Investors were opting to secure their positions and remain on the sidelines, as earnings season concludes.

Traded volume stood at 218 million shares with WTL (down 2.4 percent), KEL (down 1.0 percent), DFML (up 6.1 percent), NCPL (down 7.1 percent) and PPL (down 3.0 percent) being the highest contributors.

BR Automobile Assembler Index lost 98.0 points or 1.1 percent to close at 8,817.65 points with total turnover of 10.795 million shares.

BR Cement Index decreased by 80.7 points or 1.65 percent to close at 4,822.70 points with 14.217 million shares.

BR Commercial Banks Index inched down by 108.92 points or 0.96 percent to close at 11,218.62 points with 22.812 million shares.

BR Power Generation and Distribution Index fell by 148.47 points or 1.62 percent to close at 9,042.41 points with 36.709 million shares.

BR Oil and Gas Index declined by 77.57 points or 1.76 percent to close at 4,321.44 points with 24.140 million shares.

BR Tech & Comm Index plunged by 162.15 points or 4.11 percent to close at 3,780.74 points with 53.477 million shares.

Ahsan Mehanti at Arif Habib Corporation said that stocks fell sharply lower on political noise and investor concerns for falling rupee in wake of slump in exports and thin remittances.

He said hike in industrial power tariff amid circular debt crises in the power sector and uncertainty over parliamentary elections played a catalyst role in bearish close.

Copyright Business Recorder, 2023