KARACHI: Pakistan Stock Exchange on Wednesday opened on a positive note, however failed to continue this trend and closed in deep red due to selling pressure as the investors opted to book profit on available margins.
The benchmark KSE-100 index plunged by 830.51 points or 1.03 percent and closed at 79,841.56 points. During the session, the index hit 80,971.96 points intra-day high and 79,841.32 points intra-day low levels.
Trading activities remained low as total daily volumes on ready counter decreased to 495.910 million shares as compared to 610.264 million shares traded on Tuesday while total daily traded value on the ready counter declined to Rs 22.116 billion against previous session’s Rs 24.317 billion.
BRIndex100 decreased by 85.95 points or 1.0 percent to close at 8,513.09 points with total daily turnover of 388.211 million shares.
BRIndex30 declined by 398.11 points or 1.44 percent to close at 27,213.84 points with total daily trading volumes of 263.415 million shares.
Foreign investors however remained net buyers of shares worth $2.409 million. Total market capitalization declined by Rs 76 billion to Rs 10.665 trillion. Out of total 440 active scrips, 241 closed in negative and 153 in positive while the value of 46 stocks remained unchanged.
K-Electric was the volume leader with 57.716 million shares however lost Rs 0.02 to close at Rs 4.89 followed by PIA Holding Company that increased by Rs 1.22 to close at Rs 25.08 with 43.039 million shares. Unity Foods surged by Rs 2.41 and closed at Rs 34.87 with 28.628 million shares.
Exide Pakistan and PIA Holding Company were the top gainers increasing by Rs 71.17 and Rs 63.20 respectively to close at Rs 820.38 and Rs 728.47 while Unilever Pakistan Foods and Pakistan Tobacco Company were the top losers declining by Rs 178.83 and Rs 46.03 respectively to close at Rs 18,111.16 and Rs 1,065.84.
An analyst at Topline Securities said that profit taking witnessed at PSX as investors chose to capitalize on the market’s strength. The index reached an intraday high of plus 299 points but later dipped to an intraday low of minus 830 points before settling at 79,841, reflecting a decline of 1.03 percent.
The negative momentum was led by prominent stocks such as HUBC, PPL, DAWH, MTL, HBL, and BAHL, collectively contributing negative 362 points to the index’s downturn.
BR Automobile Assembler Index gained 17.48 points or 0.1 percent to close at 17,973.79 points with total turnover of 17.638 million shares.
BR Cement Index decreased by 117.31 points or 1.47 percent to close at 7,875.06 points with 19.480 million shares.
BR Commercial Banks Index declined by 280.85 points or 1.21 percent to close at 22,886.74 points with 47.961 million shares.
BR Power Generation and Distribution Index plunged by 257.08 points or 1.3 percent to close at 19,517.85 points with 68.849 million shares.
BR Oil and Gas Index fell by 79.83 points or 1.18 percent to close at 6,713.99 points with 22.219 million shares.
BR Tech. & Comm. Index inched down by 5.8 points or 0.15 percent to close at 3,987.74 points with 77.375 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed sharply lower on concerns for economic uncertainty.
He said uncertainty over resolution of China Energy Debt, and IMF condition to abolish Pakistan Sovereign Wealth Fund by Sep 30 for transparency and accountability of profit making SOEs after Government tough tax measures in the federal budget FY25 played a catalyst role in bearish close.
Copyright Business Recorder, 2024
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