KARACHI: Bearish trend continued on the second consecutive day on Tuesday due to selling pressure and the Pakistan Stock Exchange closed in red zone as the investors opted to offload their holdings on available margins. The benchmark KSE-100 index declined by 366.86 points or 0.45 percent and closed at 81,483.64 points.
The market opened on positive note and the index hit 82,010.10 points intra-day high, however due to selling pressure dropped into negative to hit 81,107.39 points intra-day low level.
Trading activities also remained low as total daily volumes on ready counter decreased to 369.620 million shares as compared to 400.309 million shares traded on Monday while total daily traded value on the ready counter declined to Rs 17.062 billion against previous session’s Rs 18.690 billion.
BRIndex100 lost 23.48 points or 0.27 percent to close at 8,592.11 points with total daily turnover of 289.192 million shares.
BRIndex30 plunged by 335.74 points or 1.28 percent to close at 25,896.57 points with total daily trading volumes of 169.332 million shares.
The foreign investors also remained net sellers of shares worth $1.111 million. Total market capitalization declined by Rs 23 billion to stand at Rs 10.685 trillion. Out of total 427 active scrips, 246 closed in negative and 127 in positive while the value of 54 stocks remained unchanged.
WorldCall Telecom was the volume leader with 39.357 million shares however inched down by Re 0.03 to close at Rs 1.25 followed by Pace (Pak) Limited that lost Re 0.16 to close at Rs 5.23 with 22.589 million shares. Hub Power Company declined by Rs 5.72 to close at Rs 129.09 with 21.241 million shares.
Ismail Industries and Rafhan Maize Products Company were the top gainers increasing by Rs 146.54 and Rs 57.50 respectively to close at Rs 1,896.67 and Rs 7,300.00 while Nestle Pakistan and Service Industries were the top losers declining by Rs 52.05 and Rs 36.23 respectively to close at Rs 6,906.02 and Rs 1,112.80.
An analyst at Topline Securities said that the market witnessed another bearish session, as the KSE-100 index, despite opening on a positive note and gaining 159 points (0.19 percent), succumbed to selling pressure. The index plunged to an intraday low of 743 points, eventually closing at 81,483, marking a 366 point (0.45 percent) decline.
This downward shift was largely driven by profit-taking, particularly in key stocks such as HUBC (down 4.25 percent) and EFERT (down 1.99 percent), which reshaped the market sentiment. A broad sell-off in HUBC, EFERT, MCB, PPL, and BAFL collectively dragged the index down by 400 points.
BR Automobile Assembler Index gained 30.53 points or 0.18 percent to close at 17,053.23 points with total turnover of 6.755 million shares.
BR Cement Index lost 29.34 points or 0.37 percent to close at 7,879.47 points with 23.587 million shares.
BR Commercial Banks Index declined by 63.18 points or 0.27 percent to close at 23,167.77 points with 22.687 million shares.
BR Power Generation and Distribution Index plunged by 655.94 points or 3.7 percent to close at 17,060.67 points with 48.499 million shares.
BR Oil and Gas Index fell by 30.87 points or 0.41 percent to close at 7,436.45 points with 23.133 million shares.
BR Tech & Comm Index decreased by 28.4 points or 0.71 percent to close at 3,972.01 points with 68.201 million shares.
Mubashir Anis Naviwala at JS Global Capital said that profit-taking dominated the PSX, pushing the market down by 367 points to close at 81,484.
After a positive start and reaching an intraday high of 82,010 (up 160 points), the momentum shifted. The traded volume stood at 370 million shares, with WTL, PACE, HUBC, PIAHCLA, and FFBL leading the activity.
Copyright Business Recorder, 2024
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