KARACHI: Pakistan Stock Exchange on Monday witnessed a mixed trend and after moving in both directions, closed on a negative note due to selling pressure as investors opted to book profit on available margins.
The benchmark KSE-100 Index declined by 214.97 points or 0.28 percent and closed at 77,830.34 points. The index hit 78,382.05 points intraday high and 77,566.62 points intraday low.
Trading activity remained low as daily volumes on ready counter decreased to 471.749 million shares as compared to 600.719 million shares traded on last Friday while total daily traded value on the ready counter declined to Rs 16.915 billion against previous session’s Rs 21.071 billion.
BRIndex100 inched down by 2.1 points or 0.03 percent to close at 8,184.46 points with total daily turnover of 390.053 million shares.
BRIndex30 lost 34.64 points or 0.14 percent to close at 25,596.96 points with total daily trading volumes of 240.656 million shares.
The market capitalization declined by Rs 58 billion to stand at Rs 10.340 trillion. Out of total 441 active scrips, 275 closed in negative and 115 in positive while the value of 51 stocks remained unchanged.
Kohinoor Spining was the volume leader with 134.856 million shares however declined by Rs 1.01 to close at Rs 9.27 followed by Yousuf Weaving that decreased by Rs 0.98 to close at Rs 5.89 with 43.550 million shares. Flying Cement gained Rs 0.58 to close at Rs 10.96 with 15.135 million shares.
Hoechst Pakistan and Ismail Industries were the top gainers increasing by Rs 101.77 and Rs 59.53 respectively to close at Rs 1,762.06 and Rs 1,599.00 while Unilever Pakistan Foods and Mari Petroleum Company were the top losers declining by Rs 436.21 and Rs 97.90 respectively to close at Rs 17,523.60 and Rs 3,288.28.
An analyst at Topline Securities said Pakistan equities experienced a mixed trading session as bullish and bearish forces wrestled for control throughout the day. Ultimately, the bears claimed victory, with the KSE-100 index closing at 77,830, down 214 points or 0.28 percent.
The session began on a positive note but soon saw profit-taking by investors, pushing the index into negative territory.
During the day, BAHL, FFC, HUBC, PPL, and SRVI collectively added 173 points to the index. On the other hand, profit-taking in MARI, MTL, LUCK, and MCB erased 194 points.
BR Automobile Assembler Index plunged by 294.77 points or 1.68 percent to close at 17,295.77 points with total turnover of 14.246 million shares.
BR Cement Index decreased by 37.92 points or 0.51 percent to close at 7,345.81 points with 31.011 million shares.
BR Commercial Banks Index added 90.59 points or 0.41 percent to close at 22,111.98 points with 22.615 million shares.
BR Power Generation and Distribution Index increased by 114.64 points or 0.64 percent to close at 18,043.14 points with 21.597 million shares.
BR Oil and Gas Index lost 46.15 points or 0.66 percent to close at 6,998.84 points with 16.316 million shares.
BR Tech. & Comm. Index declined by 52.0 points or 1.28 percent to close at 4,003.09 points with 43.934 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed under pressure on weak economic outlook.
He said political noise, uncertainty over the IMF approval on power subsidies in Punjab, economic uncertainty amid unsettled IPPs FX dues, tax collection shortfalls and surging Government debt played a catalyst role in bearish close.
Copyright Business Recorder, 2024
Comments
Comments are closed.