KARACHI: Pakistan Stock Exchange on Tuesday witnessed a highly volatile session, and after moving in both directions, closed in negative zone due to selling pressure as investors opted to book profit on available margins.
The benchmark KSE-100 Index plunged by 1,073.74 points or 0.98 percent and closed at 108,896.65 points. The index hit 111,759.58 points intraday highest-ever level before dropping into negative to hit 107,711.40 points intra-day low.
The daily trading volumes on ready counter stood at 1,548.302 million shares as compared to 1,597.868 million shares traded on Monday. The daily traded value on the ready counter increased to Rs 68.805 billion against previous session’s Rs 60.251 billion.
BRIndex100 decreased by 226.53 points or 1.93 percent to close at 11,522.94 points with total daily turnover of 1,344.893 million shares.
BRIndex30 declined by 621.49 points or 1.72 percent to close at 35,549.84 points with total daily trading volumes of 918.596 million shares.
Foreign investors however remained net buyers of shares worth $3.702 million. Total market capitalization declined by Rs 136 billion to Rs 13.891 trillion. Out of total 469 active scrips, 329 closed in negative and 106 in positive while the value of 34 stocks remained unchanged.
WorldCall Telecom was the volume leader with 200.870 million shares however lost Rs 0.17 to close at Rs 1.66 followed by Cnergyico PK that closed at Rs 6.94, down Rs 0.19 with 150.687 million shares. K-Electric inched down by Rs 0.25 to close at Rs 5.91 with 73.030 million shares.
Khyber Textile Mills and Attock Refinery were the top gainers increasing by Rs 51.61 and Rs 46.97 respectively to close at Rs 631.88 and Rs 588.20 while Unilever Pakistan Foods and Hoechst Pakistan were the top losers declining by Rs 362.95 and Rs 123.13 respectively to close at Rs 20,330.55 and Rs 2,653.09.
An analyst at Topline Securities said that the market experienced a volatile trading session as the KSE-100 Index oscillated within a massive 4,000 point range. The much-needed profit booking took center stage, with the index recording an intraday high of 1,789 points and an intraday low of 2,258 points before closing at 108,896 points.
The session began on a bullish note, driven by robust buying interest in key sectors following encouraging macroeconomic developments. However, the gains were short-lived as investors opted to lock in profits, especially in heavyweight sectors, leading to a sharp intraday decline. Despite the turbulence, the market managed to close off its lows, signaling underlying investor confidence.
Concerns surrounding the Advance-to-Deposit Ratio (ADR) have cast a shadow over the banking sector, with BAHL, MCB, UBL, and BAFL facing the brunt of the pressure, ultimately closing in negative territory.
Major contributors to the index’s surge were MARI, LUCK, ATRL, SYS, and SEARL, which collectively added 508 points. On the flip side, UBL, BAHL, MCB, EFERT, and ENGRO dragged the index down, collectively losing 629 points.
BR Automobile Assembler Index plunged by 580.1 points or 2.77 percent to close at 20,392.31 points with total turnover of 19.113 million shares.
BR Cement Index gained 48.28 points or 0.41 percent to close at 11,810.18 points with 113.106 million shares.
BR Commercial Banks Index declined by 785.52 points or 2.67 percent to close at 28,611.46 points with 105.683 million shares.
BR Power Generation and Distribution Index decreased by 242.91 points or 1.35 percent to close at 17,786.89 points with 94.593 million shares.
BR Oil and Gas Index lost 11.72 points or 0.1 percent to close at 11,175.25 points with 106.301 million shares.
BR Tech. & Comm. Index fell by 83.67 points or 1.52 percent to close at 5,437.79 points with 356.462 million shares.
Ali Najib at Insight Securities said the roller coaster action of 4,049 points with immense volatility kept the sentiment mixed throughout the day. Ultimately, bears had the day on their name as market closed on a negative note at 108,897 levels (down 1,073 points or 0.98 percent).
The day resumed on a positive note and PSX saw KSE-100 Index penetrating into 111,000 territory, however, the benchmark index could not withstand against the strong selling headwinds at and above 111,000 and took a nosedive to 107,711 level by breaking 111,000, 110,000, 109,000 and 108,000 at once.
All major sectors including Banks, Fertilizer, E&P, Technology and OMC witnessed profit taking. Point-wise UBL, BAHL, MCB, EFERT and ENGRO being the top 5 negative contributors, contributed 630 points, negatively.
Copyright Business Recorder, 2024
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