KARACHI: Pakistan Stock Exchange on Monday witnessed bearish trend and closed on negative note due to worries about Pak Rupee depreciation contributing to inflation, analysts said.
The benchmark KSE-100 index declined by 192.61 points or 0.40 percent and closed at 47,478.61 points. During the session, the index hit 47,733.51 points intra-day high and 47,399.28 points intra-day low level.
Trading activities remained low as total daily volumes on ready counter decreased to 184.138 million shares as compared to 192.036 million shares traded on last Friday while total daily traded value on ready counter declined to Rs 6.465 billion against previous session’s Rs 6.528 billion.
BRIndex100 fell by 41.77 points or 0.87 percent to close at 4,774.73 points with total daily turnover of 150.381 million shares.
BRIndex30 decreased by 250.07 points or 1.48 percent to close at 16,685.87 points with total daily trading volumes of 98.450 million shares.
The foreign investors however remained net buyers of shares worth $136,507. Total market capitalization declined by Rs 31 billion to Rs 7.060 trillion. Out of total 314 active scrips, 202 closed in negative and only 91 in positive while the value of 21 stocks remained unchanged.
K-Electric was the volume leader with 19.236 million shares however lost Re 0.13 to close at Rs 2.02 followed by BankIslami Pak that gained Re 0.40 to close at Rs 15.25 with 16.660 million shares. Kohinoor Textile increased by Rs 2.06 to close at Rs 63.07 with 10.481 million shares.
Pak Tobacco and Al-Abbas Sugar were the top gainers increasing by Rs 24.75 and Rs 18.50 respectively to close at Rs 718.00 and Rs 500.00 while Rafhan Maize and Sanofi-Aventis were the top losers declining by Rs 75.00 and Rs 56.69 respectively to close at Rs 8300.00 and Rs 711.00.
Muhammed Waqar Iqbal at JS Global Capital said that the market started the day on a sluggish note due to worries about Pak Rupee depreciation contributing to inflation.
Traded volume stood at 184 million shares with KEL (down 6.0 percent), BIPL (up 2.7 percent), KTML (up 3.4 percent), WTL (down 1.6 percent) and NCPL (down 0.2 percent) being the highest contributors.
BR Automobile Assembler Index lost 13.26 points or 0.15 percent to close at 8,915.65 points with total turnover of 3.320 million shares.
BR Cement Index declined by 58.92 points or 1.19 percent to close at 4,903.40 points with 8.425 million shares.
BR Commercial Banks Index closed at 11,327.54 points, up 0.55 points with 39.160 million shares.
BR Power Generation and Distribution Index fell by 65.73 points or 0.71 percent to close at 9,190.88 points with 38.561 million shares.
BR Oil and Gas Index decreased by 45.93 points or 1.03 percent to close at 4,399.01 points with 14.175 million shares.
BR Tech & Comm Index inched down by 30.51 points or 0.77 percent to close at 3,942.89 points with 22.411 million shares.
An analyst at Topline Securities said that profit-taking was noted in the Pakistan equities market as investors sold off their holdings in response to circulating rumours. This action was prompted by concerns about the possibility of an upcoming rise in the policy rate.
Prominent influence on the index was exerted by OGDC, PPL, LUCK, TRG and HUBC, causing a collective decline of 139.71 points. Conversely, HMB, POL and KAPCO countered with a gain of 66 points.
Copyright Business Recorder, 2023