KARACHI: Pakistan Stock Exchange on Monday opened on a positive note, however dropped into negative zone due to selling pressure as investors opted to book profit on available margins.
The benchmark KSE-100 Index declined by 578.40 points or 0.73 percent and closed at 78.232.10 points. The index hit 79,388.12 points intra-day high and 78,167.43 points intra-day low levels during the session.
Trading activity remained low as total daily volumes on ready counter decreased to 385.176 million shares as compared to 471.344 million shares traded on last Friday while total daily traded value on the ready counter declined to Rs 15.450 billion against previous session’s Rs 20.475 billion.
BRIndex100 decreased by 49.48 points or 0.59 percent to close at 8,291.60 points with total daily turnover of 286.200 million shares.
BRIndex30 gained 157.44 points or 0.6 percent to close at 26,614.13 points with total daily trading volumes of 191.358 million shares.
Foreign investors also remained net sellers of shares worth $357,027. Total market capitalization declined by Rs 88 billion to Rs 10.321 trillion. Out of total 432 active scrips, 254 closed in negative and 122 in positive while the value of 56 stocks remained unchanged.
Pervez Ahmed Co was the volume leader with 46.842 million shares and gained Rs 0.27 to close at Rs 2.11 followed by WorldCall Telecom that closed at the previous session’s closing level of Rs 1.27 without any change with 20.763 million shares. Hub Power Co increased by Rs 6.85 to close at Rs 165.14 with 20.112 million shares.
Nestle Pakistan and Bhanero Textile Mills were the top gainers increasing by Rs 112.27 and Rs 55.41 respectively to close at Rs 7,196.00 and Rs 1,050.00 while Mehmood Textile Mills and Bata Pakistan were the top losers declining by Rs 52.41 and Rs 24.64 respectively to close at Rs 530.08 and Rs 1,674.36.
An analyst at Topline Securities said that the KSE-100 index initially opened on a positive note where the index made an intraday high of plus 577 points and soon after touching the high index came down to make an intraday low of minus 643 points to close at 78,232 level (down by 578 points).
Moreover, on the news front, the International Monetary Fund (IMF) commended Pakistan for its stringent economic measures in the 2024-25 budget.
Banking sector witnessed profit taking where UBL, MEBL, BAHL, BAFL and FABL cumulatively contributed negative 345 points to the declining index. Hubco from the power sector continued its positive momentum as Mega Motors Company a subsidiary of the Hub Power Company has entered into a new line of business in electric vehicles with BYD Auto Industry Company Limited.
BR Automobile Assembler Index declined by 273.31 points or 1.59 percent to close at 16,888.10 points with total turnover of 14.147 million shares.
BR Cement Index decreased by 98.72 points or 1.27 percent to close at 7,694.50 points with 23.977 million shares.
BR Commercial Banks Index plunged by 363.16 points or 1.6 percent to close at 22,283.70 points with 47.935 million shares.
BR Power Generation and Distribution Index increased by 487.49 points or 2.52 percent to close at 19,795.80 points with 45.878 million shares.
BR Oil and Gas Index fell by 61.87 points or 0.94 percent to close at 6,519.03 points with 17.353 million shares.
BR Tech. & Comm. Index lost 33.49 points or 0.84 percent to close at 3,972.02 points with 58.351 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that the market began the day on a positive note, but bears soon took charge. Subsequently, lackluster activities were observed throughout the day, with the index trading between an intra-day high and a low of 79,388 and 78,167 points, respectively, accompanied by low volumes due to the roll-over week and the final week of the financial year.
Copyright Business Recorder, 2024
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