KARACHI: Despite positive opening, Pakistan Stock Exchange on Tuesday closed on negative note due to selling pressure as the investors opted to book profit on available margins.
The benchmark KSE-100 index declined by 225.68 points or 0.34 percent and closed at 65,726.04 points. During the session, the index crossed 66,000 psychological level to hit 66,134.85 points intra-day high, however selling pressure forced the index into negative zone to hit 65,500.07 points intra-day low level.
Trading activities also remained low as total daily volumes on ready counter decreased to 396.598 million shares as compared to 472.862 million shares traded on Monday; however total daily traded value on the ready counter increased to Rs 16.591 billion against previous session’s Rs 16.282 billion.
BRIndex100 lost 18.35 points or 0.27 percent to close at 6,771.24 points with total daily turnover of 355.158 million shares.
BRIndex30 plunged by 235.89 points or 1.02 percent to close at 22,841.61 points with total daily trading volumes of 261.804 million shares.
The foreign investors however remained net buyers of shares worth $57,184. Total market capitalization declined by Rs 65 billion to Rs 9.337 trillion. Out of total 352 active scrips, 204 closed in negative and 134 in positive while the value of 14 stocks remained unchanged.
Kohinoor Spining was the volume leader with 39.721 million shares however lost Re 0.18 to close at Rs 5.50 followed by Pak Refinery that gained Re 0.79 to close at Rs 28.96 with 34.045 million shares. PTCL closed at Rs 12.22, up Re 0.14 with 24.851 million shares.
Rafhan Maize Products Company and Sazgar Engineering Works were the top gainers increasing by Rs 252.16 and Rs 26.45 to close at Rs 8,888.88 and Rs 379.18 while Unilever Pakistan Foods and Nestle Pakistan were the top losers declining by Rs 700.00 and Rs 192.50 respectively to close at Rs 21,100.00 and Rs 7,677.50.
An analyst at Topline Securities said that the Pakistan stock market index concluded the trading day at 65,726, a decline of 226 points or 0.34 percent. Throughout the session, the index demonstrated a mixed trajectory, reaching highs of 66,135 and lows of 65,500 points.
The downturn in the index was primarily driven by OGDC, PPL, MARI, PSO, and MTL, collectively contributing to a decrease of 228 points. Conversely, DAWH, ATRL, and TRG provided a counterbalance by adding 96 points to the index.
BR Automobile Assembler Index inched up by 10.23 points or 0.07 percent to close at 15,568.39 points with total turnover of 10.539 million shares.
BR Cement Index added 14.64 points or 0.22 percent to close at 6,617.62 points with 18.293 million shares.
BR Commercial Banks Index gained 16.31 points or 0.1 percent to close at 16,738.44 points with 21.806 million shares.
BR Power Generation and Distribution Index decreased by 90.02 points or 0.62 percent to close at 14,338.17 points with 28.400 million shares.
BR Oil and Gas Index declined by 140.41 points or 2.21 percent to close at 6,217.33 points with 33.982 million shares.
BR Tech & Comm Index closed at 3,811.70 points, up 22.98 points or 0.61 percent with 83.182 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed under pressure amid dismal data on cement sales falling by 19 percent YoY and oil sales falling by 8 percent YoY in February 2024.
He said speculations over IMF new conditions over loans deal and economic reforms for estimated tax gaps, and PMs nod to IMF talks for long term bailout played a catalyst role in bearish close.
Copyright Business Recorder, 2024
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