KARACHI: Pakistan Stock Exchange on Friday witnessed a bearish trend and closed in deep red due to heavy selling pressure before the calendar year-end.
The benchmark KSE-100 Index plunged by 988.47 points or 1.58 percent and closed below 62,000 psychological level at 61,705.09 points. The index hit 62,995.22 points intraday high, however selling pressure forced the index to drop at 61,569.14 points intraday low.
Trading activity remained low as total daily volumes on ready counter decreased to 671.550 million shares as compared to 812.383 million shares traded on Thursday while total daily traded value on ready counter declined to Rs 13.709 billion against previous session’s Rs 16.687 billion.
BRIndex100 decreased by 123.72 points or 1.91 percent to close at 6,337.21 points with total daily turnover of 608.010 million shares.
BRIndex30 declined by 645.39 points or 2.74 percent to close at 22,894.88 points with total daily trading volumes of 436.102 million shares.
Foreign investors also remained net sellers of shares worth $205,197. Total market capitalization declined by Rs 124 billion to stand at Rs 8.947 trillion. Out of total 352 active scrips, 226 closed in negative and 116 in positive while the value of 10 stocks remained unchanged.
K-Electric was the volume leader with 113.995 million shares however lost Rs 0.42 to close at Rs 5.18 followed by Fauji Foods that gained Rs 0.60 to close at Rs 11.47 with 85.999 million shares. Cnergyico PK closed at Rs 5.25, down Rs 0.24 with 70.076 million shares.
Sapphire Textile Mills and Shield Corporation were the top gainers increasing by Rs 20.00 and Rs 19.99 respectively to close at Rs 1350.00 and Rs 294.99 while Sapphire Fibres and Pakistan Tobacco Company were the top losers declining by Rs 118.12 and Rs 44.86 respectively to close at Rs 1456.88 and Rs 1060.10.
An analyst at Topline Securities said that the KSE-100 Index remained rangebound during the first half of trading session ahead of the long week end; however selling was observed in the second half of trading session as the index declined to close at 61,705 level, down by 1.58 percent.
PPL, HBL, OGDC, HUBC and TRG lost value to weigh down on the index by 324 points.
BR Automobile Assembler Index lost 128.86 points or 0.91 percent to close at 13,955.71 points with total turnover of 5.952 million shares.
BR Cement Index fell by 123.45 points or 1.86 percent to close at 6,505.22 points with 12.173 million shares.
BR Commercial Banks Index decreased by 190.82 points or 1.27 percent to close at 14,787.17 points with 45.648 million shares.
BR Power Generation and Distribution Index declined by 281.53 points or 1.95 percent to close at 14,160.59 points with 118.777 million shares.
BR Oil and Gas Index plunged by 141.23 points or 2.34 percent to close at 5,904.58 points with 50.618 million shares.
BR Tech. & Comm. Index eroded 115.35 points or 2.85 percent to close at 3,931.88 points with 86.727 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks fell sharply lower in late session pressure on pre-poll uncertainty and major concerns for surging industrial power tariff to resolve power sector circular debt crises.
He said over leverage and high leverage cost at PSX played a catalyst role in bearish close.
Copyright Business Recorder, 2023
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