KARACHI: Pakistan Stock Exchange on Monday opened on a positive note, however failed to continue this trend and dropped in deep red due to selling pressure as the investors opted to offload their holdings on available margins. The benchmark KSE-100 Index plunged by 589.30 points and closed at 77,980.29 points. During the session, the index hit 78,886.46 points intra-day high and 77,940.53 points intra-day low levels.
The daily trading volumes on ready counter decreased to 415.170 million shares as compared to 420.405 million shares traded on last Friday however total daily traded value on the ready counter increased to Rs 22.242 billion against previous session’s Rs 20.720 billion.
BRIndex100 decreased by 86.96 points or 1.05 percent to close at 8,213.95 points with total daily turnover of 298.378 million shares.
BRIndex30 declined by 233.2 points or 0.9 percent to close at 25,765.25 points with daily trading volumes of 157.415 million shares.
Foreign investors however remained net buyers of shares worth $856,136. Total market capitalization declined by Rs 102 billion to Rs 10.389 trillion. Out of total 444 active scrips, 278 closed in negative and 122 in positive while
the value of 44 stocks remained unchanged.
Yousuf Weaving was the volume leader with 38.066 million shares and gained Rs 1.00 to close at Rs 5.34 followed by WorldCall Telecom that closed at the previous session’s closing level of Rs 1.17 without any change with 19.215 million shares. Kohinoor Spining increased by Rs 1.00 to close at Rs 7.64 with 13.346 million shares.
Mari Petroleum Company and Service Industries were the top gainers increasing by Rs 122.16 and Rs 48.95 respectively to close at Rs 3,266.80 and Rs 967.30 while Rafhan Maize Products Company and Nestle Pakistan were the top losers declining by Rs 125.59 and Rs 98.00 respectively to close at
Rs 7,403.98 and Rs 6,802.00.
An analyst at Topline Securities said the KSE-100 Index began the day on a positive note, with an intraday high of plus 316 points. However, selling pressure emerged in the second half, pushing the index to an intraday low of minus 629 points before closing at 77,980, down by 0.75 percent.
MARI (up 3.88 percent) was the standout performer of the day, continuing its upward momentum after two consecutive upper caps in the previous sessions, following the company’s announcement of an 800 percent bonus. In terms of value traded, MARI led the market with nearly Rs 4.3 billion.
Throughout the session, MARI, HUBC, SRVI, POL, and MCB collectively contributed plus 259 points to the index. Conversely, profit-taking in MEBL, SYS, and LUCK resulted in a loss of 176 points.
BR Automobile Assembler Index plunged by 554.6 points or 2.92 percent to close at 18,432.18 points with total turnover of 13.957 million shares.
BR Cement Index declined by 169.68 points or 2.27 percent to close at 7,290.49 points with 20.291 million shares.
BR Commercial Banks Index decreased by 179.76 points or 0.81 percent to close at 22,061.45 points with 20.692 million shares.
BR Power Generation and Distribution Index gained 88.05 points or 0.49 percent to close at 17,962.10 points with 20.730 million shares.
BR Oil and Gas Index inched up by 5.12 points or 0.07 percent to close at 6,994.37 points with 29.509 million shares.
BR Tech. & Comm. Index fell by 76.63 points or 1.87 percent to close at 4,012.70 points with 67.575 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks fell sharply lower on weak economic outlook.
He said Pak rupee instability, political uncertainty, delays over privatisation of SOEs, and concerns for unsettled China IPPs debt played a catalyst role in bearish close.
Copyright Business Recorder, 2024
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