KARACHI: A bearish trend continued on Pakistan Stock Exchange on Friday and the market closed in deep red due to investor concerns over prevailing political uncertainty in the country.
The benchmark KSE-100 Index plunged by 1,147.10 points or 1.88 percent and closed at 59,872.96 points. The index hit 59,739.47 points intraday low.
Trading activity remained low as total daily volumes on ready counter declined to 314.247 million shares as compared to 345.126 million shares traded on Thursday however the daily traded value on the ready counter increased to Rs 12.243 billion against previous session’s Rs 11.873 billion.
BRIndex100 decreased by 121.74 points or 1.97 percent to close at 6,073.30 points with daily turnover of 283.373 million shares.
BRIndex30 declined by 680.76 points or 3.24 percent to close at 20,321.06 points with total daily trading volumes of 216.110 million shares.
The market capitalization declined by Rs 166 billion to close at Rs 8.717 trillion. Out of total 331 active scrips, 238 closed in negative and only 77 in positive while the value of 16 stocks remained unchanged.
K-Electric was the volume leader with 41.835 million shares however lost Rs 0.23 to close at Rs 4.10 followed by WorldCall Telecom that inched down by Rs 0.04 to close at Rs 1.21 with 25.778 million shares. OGDC declined by Rs 6.18 to close at Rs 107.93 with 20.693 million shares.
Bhanero Textile Mills and Hallmark Company Limited were the top gainers increasing by Rs 69.38 and Rs 22.67 respectively to close at Rs 994.38 and Rs 325.45 while Rafhan Maize Products Company and Mari Petroleum Company were the top losers declining by Rs 134.35 and Rs 68.86 respectively to close at Rs 8,365.65 and Rs 2,198.25.
Ahsan Mehanti at Arif Habib Corporation said stocks fell sharply lower amid dismal data on negative LSM growth at minus 0.39 percent for July- December 2023 and reports of Pakistan downgrade to authoritarian regime by EIU.
He said un-clarity over coalition power sharing formula, IMF new conditions over next $1.2 billion tranche under SBA to liberalize imports, and cabinet approvals over increase in gas prices played a catalyst role in bearish close.
BR Automobile Assembler Index plunged by 380.28 points or 2.69 percent to close at 13,779.86 points with total turnover of 7.365 million shares.
BR Cement Index decreased by 160.11 points or 2.56 percent to close at 6,088.86 points with 14.596 million shares.
BR Commercial Banks Index lost 90.4 points or 0.58 percent to close at 15,472.95 points with 27.586 million shares.
BR Power Generation and Distribution Index fell by 318.75 points or 2.37 percent to close at 13,110.86 points with 48.956 million shares.
BR Oil and Gas Index plunged by 211.39 points or 3.73 percent to close at 5,448.96 points with 46.713 million shares.
BR Tech. & Comm. Index eroded 103.05 points or 2.97 percent to close at 3,369.47 points with 54.078 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that the market remained negative with the KSE-100 Index losing 1,147 points to close at 59,873. News flow about political uncertainty kept investor sentiments suppressed.
Traded volume stood at 314 million shares where KEL (down 5.3 percent), WTL (down 3.2 percent), OGDC (down 5.4 percent), PRL (down 6.0 percent) and PIAA (down 4.1 percent) were the volume leaders.
Copyright Business Recorder, 2024
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