KARACHI: Pakistan Stock Exchange (PSX) on first trading day of the week closed lower due to concerns on external account financing.
At the start of the trading on Monday, equities kicked off on a positive note but failed to keep up the pace, eventually concluding the trading session on negative note. The benchmark KSE-100 Index lost 27.047 points to close at 46,393.68 points on Monday compared to 46,421.15 points on Friday.
The daily trading volumes on the ready counter increased to 195.674 million shares as compared to 172.894 million shares traded in the previous session. The daily traded value on the ready counter declined to Rs 5.5 billion against previous session’s Rs 6.27 billion.
BRIndex100 gained 5.11 points or 0.11 percent to close at 4,659.96 points with total daily turnover of 173.72 million shares and PIAC was the most traded company in the BRIndex with a volume of 29.654 million shares.
BRIndex30 increased by 33.2 points or 0.2 percent to close at 16,656.33 points with total daily trading volumes of 92.14 million shares.
Analysts said that stocks closed lower on weak economic outlook amid concerns for external financing shortfall and govt’s debt commitments. Institutional support was remained in oil and banking stocks on surging global crude oil prices and strong earnings outlook.
In addition, surging power tariff and uncertainty over privatization of ailing SOEs played a catalyst role in bearish close, they added.
Total market capitalization increased by Rs 18 billion to Rs 6.891 trillion on Monday up from Rs 6.873 trillion on Friday. Out of total 326 active scrips, 134 closed in negative and 168 in positive while the value of 24 stocks remained unchanged.
PIAC (A) was the volume leader with 29.654 million shares and closed at Rs 5.38 followed by Pak Electron, which closed at Rs 10.48 with 20.636 million shares. WorldCall Telecom ranked third with 8.986 million shares and closed at Rs 1.13.
Pak Services and Mehmood Tex were the top gainers increasing by Rs 25.00 and Rs 24.23 respectively to close at Rs 750.00 and Rs 518.00 while Rafhan Maize and JDW Sugar were the top losers declining by Rs 177.33and Rs 20.00 respectively to close at Rs 7,866.67 and Rs 330.00.
According to Topline, major positive contribution to the index came from, ILP, LUCK, PSEL, OGDC and TRG as they cumulatively contributed 78 points to the index, whereas MTL, HBL & SYS lost value to weigh down on the index by -99 points.
BR Automobile Assembler Index lost 218.43 points or 2.42 percent to close at 8,803.54 points with total turnover of 4.865 million shares.
BR Cement Index gained 33.21 points or 0.71 percent to close at 4,742.33 points with 10.507 million shares.
BR Commercial Banks Index inched down by 35.38 points or 0.33 percent to close at 10,833.51 points with 17.989 million shares.
BR Power Generation and Distribution Index increased by 55.41 points or 0.6 percent to close at 9,316.63 points with 15.82 million shares.
BR Oil and Gas Index rose by 5.26 points or 0.12 percent to close at 4,352.27 points with 12.28 million shares.
BR Tech & Comm Index declined by 9.83 points or 0.27 percent to close at 3,698.92 points with 19.81 million shares.
Copyright Business Recorder, 2023
Comments
Comments are closed.