KARACHI: Pakistan Stock Exchange on Wednesday opened on a positive note, 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 310.21 points or 0.32 percent and closed at 95,546.46 points. The index once again crossed 96,000 psychological level to hit 96,711.33 points intraday high, however due to selling pressure dropped into negative zone to hit 95,311.97 points intraday low.
Trading activity improved significantly as total daily volumes on ready counter increased to 1,138.411 million shares as compared to 830.931 million shares traded on Tuesday. The traded value on the ready counter increased to Rs 37.481 billion against previous session’s Rs 30.019 billion.
BRIndex100 closed at 10,186.71 points, slightly up 2.45 points or 0.02 percent with total daily turnover of 950.706 million shares.
BRIndex30 lost 66.42 points or 0.21 percent to close at 31,336.25 points with total daily trading volumes of 578.209 million shares.
Foreign investors however remained on the selling side and withdrew $4.353 million from the local equity market. Total market capitalization declined by Rs 4 billion to Rs 12.328 trillion. Out of total 456 active scrips, 251 closed in negative and 156 in positive while the value of 49 stocks remained unchanged.
K-Electric was the volume leader with 174.389 million shares however lost Rs 0.02 to close at Rs 5.22 followed by Hascol Petroleum that increased by Rs 1.02 to close at Rs 11.26 with 63.973 million shares. Kohinoor Spining gained Rs 0.87 to close at Rs 8.98 with 62.996 million shares.
Colgate Palmolive Pakistan and Nestle Pakistan were the top gainers increasing by Rs 101.90 and Rs 91.17 respectively to close at Rs 1,480.88 and Rs 6,691.17 while Pakistan Services Limited and Service Industries Limited were the top losers declining by Rs 44.72 and Rs 39.48 respectively to close at Rs 802.67 and Rs 1,179.99.
An analyst at Topline Securities said the market experienced notable volatility, with the index reaching a peak of 96,711 and a low of 95,312, as investors remained cautious ahead of the political protest scheduled for November 24, 2024. Additionally, heavier-than-usual foreign corporate selling on Tuesday added to the pressure.
Negative contributions from SYS, HBL, LUCK, MCB, and SNGP collectively dragged the index down by 348 points. However, FFC, COLG, and KAPCO partially offset these losses, adding a combined 354 points to the index.
BR Automobile Assembler Index gained 10.07 points or 0.05 percent to close at 19,235.70 points with total turnover of 11.194 million shares.
BR Cement Index declined by 102.86 points or 1.0 percent to close at 10,132.35 points with 37.743 million shares
BR Commercial Banks Index decreased by 117.0 points or 0.46 percent to close at 25,293.76 points with 38.047 million shares.
BR Power Generation and Distribution Index increased by 176.27 points or 1.08 percent to close at 16,502.81 points with 207.741 million shares.
BR Oil and Gas Index fell by 71.62 points or 0.74 percent to close at 9,663.45 points with 132.474 million shares.
BR Tech. & Comm. Index plunged by 119.03 points or 2.44 percent to close at 4,766.27 points with 153.596 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed bearish on political uncertainty and concerns for security unrest in the country.
He said Pak-Rupee instability, foreign outflows, and pending the IMF board decision over Government alternate tax levies and bridge $2.5 billion gap in external financing played a catalytic role in bearish activity.
Copyright Business Recorder, 2024
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