KARACHI: Pakistan Stock Exchange on Wednesday opened on a bullish note and hit new highest intra-day levels, however failed to continue this trend and closed in red zone due to selling pressure as investors opted to book profit on available margins.
The benchmark KSE-100 Index declined by 282.88 points or 0.31 percent and closed at 92,021.44 points. The index hit 92,966.95 points intraday high and 91,891.47 points intra-day low levels.
Trading activity improved as daily volumes on ready counter increased to 889.166 million shares as compared to 752.664 million shares traded on Tuesday. The daily traded value on the ready counter declined to Rs 30.474 billion against previous session’s Rs 32.827 billion.
BRIndex100 lost 11.06 points or 0.11 percent to close at 9,794.51 points with daily turnover of 776.651 million shares.
BRIndex30 decreased by 31.15 points or 0.1 percent to close at 29,646.87 points with total daily trading volumes of 467.808 million shares.
Foreign investors also remained net sellers of shares worth $26,068.Total market capitalization declined by Rs 42 billion to stand at Rs 11.816 trillion. Out of total 452 active scrips, 201 closed in positive and 200 in negative while the value of 51 stocks remained unchanged.
Bank of Punjab was the volume leader with 88.684 million shares and gained Rs 0.57 to close at Rs 6.21 followed by Cnergyico PK inched up by Rs 0.25 to close at Rs 4.11 with 71.639 million shares. Power Cement lost Rs 0.59 to close at Rs 7.20 with 39.151 million shares.
Unilever Pakistan Foods and Hoechst Pakistan were the top gainers increasing by Rs 233.34 and Rs 93.00 respectively to close at Rs 18,900.67 and Rs 2,353.00 while Pakistan Tobacco Company and Rafhan Maize Products Company were the top losers declining by Rs 35.49 and Rs 35.43 respectively to close at Rs 1,239.22 and Rs 7,406.66.
An analyst at Topline Securities said the market showed notable volatility, with the index reaching a peak of 92,967 and dipping to a low of 91,891 as investors capitalized on profit-taking in large-cap stocks.
The index was weighed down by negative contributions from SYS, UBL, BAHL, PPL, and OGDC, which collectively subtracted 339 points. On the other hand, LUCK, SAZEW, and KOHC helped offset some of these losses, adding 94 points to the index.
BR Automobile Assembler Index increased by 155.53 points or 0.82 percent to close at 19,210.03 points with total turnover of 13.653 million shares.
BR Cement Index added 64.64 points or 0.63 percent to close at 10,331.17 points with 91.626 million shares.
BR Commercial Banks Index lost 40.77 points or 0.16 percent to close at 24,882.08 points with 111.187 million shares.
BR Power Generation and Distribution Index gained 3.96 points or 0.03 percent to close at 15,791.65 points with 30.295 million shares.
BR Oil and Gas Index decreased by 52.23 points or 0.58 percent to close at 8,916.74 points with 90.110 million shares.
BR Tech. & Comm. Index declined by 140.38 points or 2.98 percent to close at 4,577.45 points with 82.692 million shares.
Mohammed Waqar Iqbal at JS Global Capital said the American elections took center stage as Donald Trump’s anticipated victory triggered a selling frenzy among market participants, with profit-taking sending the KSE-100 Index into a sharp reversal, ending in the red on Wednesday.
Trading volumes reached 889m shares, with significant activity seen in banks, refinery and cement sectors.
Copyright Business Recorder, 2024
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