Pakistan Stock Exchange Monday opened on a positive note however failed to maintain this momentum due to selling in various sectors.
BRIndex100 lost 22.28 points or 0.64 percent to close at 3,481.50 points. BRIndex100 hit intraday high of 3,549.30 and intraday low of 3,477.73 points. Volumes stood at 210.901 million shares.
BRIndex30 decreased by 36.77 points or 0.2 percent to close at 18,280.16 points with a turnover of 147.967 million shares.
The KSE-100 Index declined by 203.36 points or 0.60 percent to close at 33,804.97 points. Daily trading volumes on the ready counter however increased to 261.966 million shares as compared to 213.284 million shares traded last Friday. The market capitalization increased by Rs 9 billion to Rs 6.438 trillion.
TRG Pak was the volume leader with 22.525 million shares. It increased by Rs 1.78 to close at Rs 25.55 followed by K-Electric that inched up by Re 0.06 to close at Rs 3.12 with 17.952 million shares.
Rafhan Maize and Nestle Pakistan were the top gainers with Rs 250.00 and Rs 243.75, respectively to close at Rs 7399.00 and Rs 6933.75 while Pak Services and Sapphire Textile were the top losers declining by Rs 72.45 and Rs 69.21 respectively to close at Rs 893.64 and Rs 853.74.
BR Automobile Assembler Index gained 36.57 points or 0.66 percent to close at 5,538.55 points with total turnover of 5.664 million shares.
BR Cement Index declined by 82.05 points or 1.92 percent to close at 4,188.56 points with 35.238 million shares.
BR Commercial Banks Index declined by 97.93 points or 1.47 percent to close at 6,565.53 points with 11.072 million shares.
BR Power Generation and Distribution Index lost 11.31 points or 0.25 percent to close at 4,435.64 points with 21.385 million shares.
BR Oil and Gas Index inched up by 22.93 points or 0.64 percent to close at 3,609.31 points with 21.104 million shares.
BR Tech. & Comm. Index closed at 1,169.25 points, up 31.58 points or 2.78 percent with 56.259 million shares.
"Almost immediately after a 250 points positive opening, the KSE-100 rose to touch a high of plus 385 points in the early trades," Maaz Mulla at JS Global Capital said. However, the market soon came under duress, and remained in the red zone as it plummeted negative 238 points in intra-day trading to close at 33,805 level.
The market didn't react much on the news that the monetary policy committee (MPC) of State Bank of Pakistan (SBP) reduced the policy rate by 100 basis points (bps) to 8 percent on positive inflation outlook, the fourth time it has cut rates since the coronavirus pandemic hit two months ago. During the trading session, OGDC (up 1.8 percent), PPL (up 1.3 percent), ICI (up 7.4 percent), MCB (down 2.3 percent), UBL (down 2.0 percent), BAHL (down 3.0 percent) and LUCK (down 1.7 percent) were the major movers of the index.
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