KARACHI: Pakistan Stock Exchange on Monday opened on a positive note, however failed to continue this trend and closed in red zone due to selling pressure as the investors opted to offload their holdings on available margins. The benchmark KSE-100 Index declined by 282.72 points or 0.36 percent and closed at 78,615.00 points. The index hit 79,214.28 points intraday high and 78,545.69 points intraday low.
Trading activity remained low as daily volumes on ready counter decreased to 491.124 million shares as compared to 743.072 million shares traded last Friday. The daily traded value on the ready counter declined to Rs 10.124 billion against previous session’s Rs 12.900 billion.
BRIndex100 lost 44.9 points or 0.54 percent to close at 8,295.13 points with total daily turnover of 383.272 million shares.
BRIndex30 decreased by 156.51 points or 0.58 percent to close at 26,799.87 points with total daily trading volumes of 251.192 million shares.
Foreign investors also remained net sellers of shares worth $1.789 million. The market capitalization declined by Rs 24 billion to stand at Rs 10.453 trillion. Out of total 443 active scrips, 228 closed in negative and 155 in positive while the value of 60 stocks remained unchanged.
WorldCall Telecom was the volume leader with 86.006 million shares and inched up by Rs 0.04 to close at Rs 1.46 followed by Kohinoor Spining that gained Rs 0.31 to close at Rs 9.63 with 42.932 million shares. Pace (Pak) Limited closed at Rs 6.38, up Rs 0.24 with 37.264 million shares.
Haleon Pakistan and Service Industries were the top gainers increasing by Rs 41.13 and Rs 29.37 respectively to close at Rs 453.32 and Rs 1,039.47 while Pakistan Engineering Company and Rafhan Maize Products Company were the top losers declining by Rs 50.80 and Rs 48.12 respectively to close at Rs 898.70 and Rs 7,300.88.
Ahsan Mehanti at Arif Habib Corporation said stocks closed lower amid slump in global equities and concerns for political noise.
He said uncertainty over IMF approvals on Rs 2.8 trillion funding plan to resolve circular debt crises and expectations over cautious SBP policy to cut key policy rate this week played a catalyst role in bearish close.
BR Automobile Assembler Index plunged by 679.26 points or 3.82 percent to close at 17,109.92 points with total turnover of 10.950 million shares.
BR Cement Index increased by 92.26 points or 1.21 percent to close at 7,714.60 points with 24.919 million shares.
BR Commercial Banks Index decreased by 188.91 points or 0.86 percent to close at 21,781.09 points with 13.344 million shares.
BR Power Generation and Distribution Index declined by 291.69 points or 1.56 percent to close at 18,384.41 points with 23.244 million shares.
BR Oil and Gas Index inched down by 4.86 points or 0.07 percent to close at 7,202.27 points with 16.404 million shares.
BR Tech. & Comm. Index lost 17.9 points or 0.45 percent to close at 3,983.99 points with 117.419 million shares.
Mubashir Anis Naviwala at JS Global Capital said that the market opened on a positive note, pushing the KSE-100 index to a high of 79,214 points. However, profit-taking followed and the index eventually settled at 78,615, losing 283 points.
Trading volumes were low, with activity primarily driven by smaller stocks. Key contributors to the total traded volume of 491 million shares included WTL (up 2.8 percent), KOSM (up 3.3 percent), PACE (up 3.9 percent), TRSM (down 16.3 percent), and WAVESAPP (up 0.8 percent).
Copyright Business Recorder, 2024
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