KARACHI: Pakistan Stock Exchange on Tuesday witnessed a bloodbath and nosedived in deep red with one of the worst decline due to institutional selling ahead of calendar year end.
The benchmark KSE-100 index plunged by 2,371.64 points or 3.64 percent, one of worst single day decline and closed at 62,833.03 points.
Total daily trading volumes on ready counter stood at 1.513 billion shares as compared to 1.890 billion shares traded on Monday while total daily traded value on the ready counter increased to Rs 29.099 billion against previous session’s Rs 24.595 billion.
BRIndex100 decreased by 266.53 points or 3.96 percent to close at 6,458.24 points with total daily turnover of 1.405 billion shares.
BRIndex30 declined by 1133.74 points or 4.63 percent to close at 23,356.90 points with total daily trading volumes of 1.102 billion shares.
The foreign investors however remained net buyers of shares worth $4.791 million. Total market capitalization declined by Rs 362 billion to Rs 9.093 trillion. Out of total 386 active scrips, 351 closed in negative and only 31 in positive while the value of 4 stocks remained unchanged.
K-Electric was the volume leader with 341.067 million shares however lost Re 0.53 to close at Rs 5.30 followed by WorldCall Telecom that inched down by Re 0.20 to close at Rs 1.70 with 176.027 million shares. Cnergyico PK decreased by Re 0.89 to close at Rs 5.01 with 131.716 million shares.
Rafhan Maize Products Company and Pakistan Services Limited were the top gainers increasing by Rs 150.00 and Rs 44.63 respectively to close at Rs 9900.00 and Rs 1124.63 while Unilever Pakistan Foods and Nestle Pakistan were the top losers declining by Rs 725.00 and Rs 400.00 respectively to close at Rs 21,550.00 and Rs 8100.00.
An analyst at Topline Securities said that Pakistan equities commenced the day by resuming its Monday’s bearish momentum but suddenly the negative trend converted into “Blood bath” as selling headwinds took bullish momentum by the horn. At one point in time, the KSE-100 index saw an intraday low at 62,361 level (down 2,844 points or 4.36 percent) by breaking each and every support level in between 65,000, 64,000 and 63,000. Nevertheless, benchmark index called the day at 62,833 level (down 2,372 points or 3.64 percent) post slight recovery courtesy to brave value hunters.
The aforesaid madness can be attributed institutional profit taking ahead of calendar year end. Furthermore, market vibes are also suggesting some aggressive trimming from leverage investors too as next week is a roll-over week for futures contracts.
Resultantly, Banks, E&P, Fertilizer, Technology and OMC sector received considerable selling where MCB, OGDC, DAWH, SYS and PPL negatively contributed 557 points to the index. On the other hand, PSEL, MEBL and RMPL saw some buying interest as they added 40 points, cumulatively.
BR Automobile Assembler Index lost 238.56 points or 1.64 percent to close at 14,271.11 points with total turnover of 9.771 million shares.
BR Cement Index fell by 248.82 points or 3.6 percent to close at 6,669.54 points with 40.927 million shares.
BR Commercial Banks Index decreased by 479.72 points or 3.08 percent to close at 15,096.20 points with 169.951 million shares.
BR Power Generation and Distribution Index declined by 493.95 points or 3.35 percent to close at 14,248.77 points with 358.773 million shares.
BR Oil and Gas Index plunged by 268.43 points or 4.29 percent to close at 5,990.32 points with 97.449 million shares.
BR Tech. & Comm. Index eroded 213.11 points or 4.97 percent to close at 4,075.56 points with 307.398 million shares.
Mubashir Anis Naviwala at JS Global Capital said that bearish spell continued in the session. The KSE-100 index touched a high and low of 65,132 and 62,361 points, respectively.
Trading volumes during the day stood at 1,514 million shares versus 1,890 million shares traded previously. Top contributors were KEL (down 9.1 percent), WTL (down 11 percent), CNERGY (down 15 percent), BOP (down 11 percent), and PTC (up 0.1 percent).
Copyright Business Recorder, 2023