KARACHI: Pakistan Stock Exchange (PSX) on the first trading day of the week closed negative because of ongoing political uncertainty ahead of general elections.
On Monday, market floated in both directions and the benchmark KSE100 index made an intraday high at 65,069 points, up by 554 points and intraday low at 64,183 points, down by 331 points. However, at the end of the session profit-taking was witnessed and the KSE-100 index lost 278 points to finally close at 64,237 points on Monday compared to 64,515 points on Friday.
Trading activities remained low as total daily volumes on the ready counter decreased to 484 million shares as compared to 949.5 million shares traded on previous trading day. Total daily traded value on ready counter also declined to Rs 12.744 billion against previous session’s Rs 19.3 billion.
BRIndex100 lost 40.66 points or 0.61 percent to close at 6,602.3 points on Monday compared to 6,642.69 points on Friday with a total volume of 444.631 million shares.
BRIndex30 closed at 23,754.11 points which was 386.62 points or 1.6 percent lower than previous close of 24,140.73 points with total share trading volume of 378.838 million.
Total market capitalization decreased by Rs 54 billion to Rs 9.32 trillion. Out of total 358 active scrips, 104 closed in positive and 223 in negative while the value of 31 stocks remained unchanged.
Analysts said that due to increasing noise at the political front with regards to the upcoming election, investors opted to trim their equity positions by booking profit in selective stocks of Banks, E&P, Tech & OMC sectors.
They said that uncertainty ahead of the IMF board meeting on its first review under SBA, uncertainty over SBP policy announcement in wake of surging inflation and concerns for geopolitical uncertainty played a catalyst role in bearish close.
K-Electric was the volume leader with 169 million shares and closed at Rs 5.90 followed by WorldCall Telecom that closed at Rs 1.44 to close with 22 million shares. PIAC. (A) ranked third with 18 million shares and it closed at Rs 8.36.
Pak Suzuki Motor Company Limited and Reliance Cotton Spinning Mills Limited were the top gainers increasing by Rs 50.46 and Rs 35.00 respectively to close at Rs 723.31 and Rs 575.00, while Nestle Pakistan Limited and Sapphire Fibres Limited were the top losers declining by Rs 150.00 and Rs 135.00 respectively to close at Rs 8,250.00 and Rs 1,665.00.
Selling was witnessed across the board, however, BIPL (3.0%), EFERT (3.6%), ENGRO (6.3%), and PSMC (7.5%) were some key stocks that managed to post gains for the day.
BR Automobile Assembler Index gained 96.88 points or 0.67 percent to close at 14,599.33 points with a total turnover of 8.841 million shares.
BR Cement Index lost 117.88 points or 1.69 percent to reach 6,842.28 points with a total turnover of 9.252 million.
BR Commercial Banks Index declined by 144.5 points or 0.93 percent to close at 15,372.69 points with a total turnover of 21.241 million shares.
BR Power Generation and Distribution Index also decreased 60.01 or 0.41 percent to close at 14,659.07 points with a total turnover of 175.466 million.
BR Oil and Gas Index closed at 6,132.18, down by 80.49 points or 1.3 percent and its total turnover was 34.333 million shares.
BR Tech & Comm Index lost 57 points or 1.42 percent to close at 3,967.84 points with a total turnover of 58.898 million.
Copyright Business Recorder, 2024
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