KARACHI: Pakistan Stock Exchange on Thursday remained under pressure due to heavy selling on investor concerns over escalating geopolitical tensions following Pakistan’s retaliation against Iran’s attack.
The benchmark KSE-100 Index declined by 364.93 points or 0.57 percent to close at 63,202.40 points. After opening in negative, the index nosedived at 62,528.56 points intra-day low level, however fresh buying in some select stocks supported the index to minimize its intraday losses.
The daily trading volumes on ready counter increased to 445.797 million shares as compared to 421.331 million shares traded on Wednesday while total daily traded value on the ready counter declined to Rs 14.236 billion against previous session’s Rs 18.579 billion.
BRIndex100 decreased by 45.18 points or 0.69 percent to close at 6,481.63 points with total daily turnover of 379.365 million shares.
BRIndex30 plunged by 251.67 points or 1.08 percent to close at 22,989.62 points with total daily trading volumes of 314.021 million shares.
Foreign investors however remained net buyers of shares worth $20,112. Total market capitalization declined by Rs 55 billion to stand at Rs 9.255 trillion. Out of total 345 active scrips, 227 closed in negative and only 96 in positive while the value of 22 stocks remained unchanged.
K-Electric was the volume leader with 59.720 million shares however lost Rs 0.12 to close at Rs 5.47 followed by P.I.A.C. (A) that increased by Rs 1.00 to close at Rs 11.56 with 40.427 million shares. WorldCall Telecom closed at Rs 1.30, down Rs 0.03 with 35.387 million shares.
Rafhan Maize Products Company and Philip Morris Pakistan were the top gainers increasing by Rs 149.00 and Rs 55.09 respectively to close at Rs 8,950.00 and Rs 789.59 while Unilever Pakistan Foods and Pakistan Tobacco Company were the top losers declining by Rs 397.00 and Rs 57.39 respectively to close at Rs 21,900.00 and Rs 1,027.61.
An analyst at Topline Securities said the equity market in Pakistan experienced a negative trend, with sellers entering the market. The index concluded at 63,202, reflecting a decline of 365 points or 0.57 percent. The trading range for the index covered 1,051 points, fluctuating between a high of 63,579 and a low of 62,528 points.
The aforementioned momentum is due to escalating geopolitical tensions following Pakistan’s retaliation against Iran’s attack.
As a result, MTL, OGDC, HUBC, LUCK, and PPL collectively contributed to a negative impact of 187 points on the index.
BR Automobile Assembler Index plunged by 391.89 points or 2.73 percent to close at 13,985.01 points with total turnover of 6.485 million shares.
BR Cement Index decreased by 50.62 points or 0.77 percent to close at 6,523.97 points with 16.502 million shares.
BR Commercial Banks Index lost 45.32 points or 0.29 percent to close at 15,371.76 points with 37.521 million shares.
BR Power Generation and Distribution Index declined by 162.92 points or 1.14 percent to close at 14,176.60 points with 65.727 million shares.
BR Oil and Gas Index fell by 26.7 points or 0.43 percent to close at 6,202.46 points with 63.012 million shares.
BR Tech. & Comm. Index closed at 3,818.22 points, down 20.02 points or 0.52 percent with 75.661 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that the KSE-100 Index lost 365 points to close at 63,202, amid intensified selling pressure.
Investor sentiment remained jittery due to the geopolitical situation. While selling was across the board, some stocks recovered to close in the green. Prominent gainers for the day were ENGRO, EPCL, MLCF, PIAA, POL and PSO.
The market turnover increased to 446 million shares, where KEL (down 2.1 percent), PIAA (up 9.5 percent), WTL (down 2.3 percent), HASCOL (up 10.7 percent) and PTC (up 1.7 percent) were the volume leaders.
Copyright Business Recorder, 2024
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