KARACHI: Pakistan Stock Exchange on Tuesday witnessed a mixed trend and after moving in both directions, closed on a negative note due to selling pressure as the investors opted to book profit.
The benchmark KSE-100 Index declined by 486.82 points or 0.62 percent and closed at 78,084.24 points. The index hit 78,857.62 points intraday high and 78,077.83 points intraday low.
The daily trading volumes on ready counter increased to 591.511 million shares as compared to 512.337 million shares traded on Monday however total daily traded value on the ready counter declined to Rs 17.117 billion against previous session’s Rs 18.894 billion.
BRIndex100 lost 23.0 points or 0.28 percent to close at 8,322.72 points with total daily turnover of 500.850 million shares.
BRIndex30 decreased by 68.92 points or 0.26 percent to close at 26,560.98 points with daily trading volumes of 345.385 million shares.
Foreign investors however remained net buyers of shares worth $1.978 million. The market capitalization declined by Rs 54 billion to Rs 10.424 trillion. Out of total 436 active scrips, 222 closed in negative and 163 in positive while the value of 51 stocks remained unchanged.
Kohinoor Spining was the volume leader with 74.333 million shares and increased by Rs 1.05 to close at Rs 11.57 followed by WorldCall Telecom that closed at Rs 1.26, down Rs 0.02 with 47.382 million shares. Cnergyico PK gained Rs 0.19 to close at Rs 3.98 with 43.914 million shares.
Hallmark Company and Mari Petroleum Company were the top gainers increasing by Rs 56.87 and Rs 50.90, respectively to close at Rs 625.57 and Rs 3,301.72 while PIA Holding Company LimitedB and Rafhan Maize Products Company were the top losers declining by Rs 73.63 and Rs 46.99, respectively to close at Rs 847.50 and Rs 7,388.00.
An analyst at Topline Securities said that the Pakistan stock market declined by 487 points, or 0.62 percent, ending the day at 78,084 level. The index displayed notable volatility, reaching a high of 78,858 and a low of 77,079 during the session.
The decline was influenced by movements in the Fertilizer, Auto, and Power sectors, with FFC, ENGRO, MTL, HUBC, and EFERT contributing to the drop of 281 points.
BR Automobile Assembler Index decreased by 80.41 points or 0.48 percent to close at 16,810.58 points with total turnover of 35.783 million shares.
BR Cement Index lost 7.56 points or 0.1 percent to close at 7,399.20 points with 66.604 million shares.
BR Commercial Banks Index fell by 98.87 points or 0.45 percent to close at 22,108.67 points with 19.838 million shares.
BR Power Generation and Distribution Index declined by 195.72 points or 1.04 percent to close at 18,575.39 points with 17.100 million shares.
BR Oil and Gas Index inched up by 0.31 points to close at 7,052.76 points with 28.582 million shares.
BR Tech. & Comm. Index gained 15.49 points or 0.38 percent to close at 4,062.88 points with 94.410 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed under pressure amid institutional profit-taking on economic uncertainty.
He said reports of the IMF board meetings agenda missing approvals on Pakistan new loan programme, concerns over falling rupee, surging industrial power tariff inviting closedowns, external financing gaps and pending China IPPs dues restructuring played a catalytic role in bearish close.
Copyright Business Recorder, 2024
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