KARACHI: Bearish trend continued on Pakistan Stock Exchange on Tuesday due to heavy selling by both local and foreign investors on their concerns over political situation in the country.
The benchmark KSE-100 index plunged by 931.98 points or 1.48 percent and closed at 61,841.74 points. During the session, the index hit crossed 63,000 psychological level to hit 63,074.51 points intra-day high, however selling pressure forced the index into negative zone to hit 61,637.62 points intra-day low level.
Total daily trading volumes on ready counter increased to 436.120 million shares as compared to 317.577 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 15.286 billion against previous session’s Rs 10.693 billion.
BRIndex100 decreased by 109.63 points or 1.71 percent to close at 6,309.96 points with total daily turnover of 385.710 million shares.
BRIndex30 declined by 416.27 points or 1.85 percent to close at 22,098.37 points with total daily trading volumes of 318.092 million shares.
The foreign investors also remained on the selling side and withdrew $2.388 million from the local equity market. Total market capitalization declined by Rs 166 billion to stand at Rs 9.077 trillion. Out of total 346 active scrips, 249 closed in negative and only 76 in positive while the value of 21 stocks remained unchanged.
K-Electric was the volume leader with 52.895 million shares however lost Re 0.20 to close at Rs 4.65 followed by WorldCall Telecom that closed at Rs 1.23, down Re 0.02 with 29.219 million shares. Hascol Petroleum gained Re 0.15 to close at Rs 7.91 with 24.692 million shares.
Rafhan Maize Products and Bata Pakistan were the top gainers increasing by Rs 400.00 and Rs 20.00 respectively to close at Rs 9,200.00 and Rs 1,760.00 while Unilever Pakistan Foods and Colgate Palmolive Pakistan were the top losers declining by Rs 1,687.50 and Rs 109.27 respectively to close at Rs 20,812.50 and Rs 1,444.33.
An analyst at Topline Securities said the Pakistan stock market experienced a bearish trend, with the benchmark KSE-100 index closing the trading day at 61,842, indicating a decrease of 932 points or 1.48 percent.
The index exhibited a trading range of 1,437 points, reaching an intraday high of 63,075 and a low of 61,638 points.
As a result, COLG, MEBL, ENGRO, OGDC, and MARI collectively had a negative impact, contributing to a decline of 350 points on the index.
BR Automobile Assembler Index fell by 122.6 points or 0.89 percent to close at 13,628.73 points with total turnover of 2.510 million shares.
BR Cement Index declined by 112.08 points or 1.72 percent to close at 6,405.56 points with 21.918 million shares.
BR Commercial Banks Index decreased by 169.87 points or 1.1 percent to close at 15,329.65 points with 28.810 million shares.
BR Power Generation and Distribution Index lost 30.03 points or 0.22 percent to close at 13,763.22 points with 60.641 million shares.
BR Oil and Gas Index plunged by 111.35 points or 1.8 percent to close at 6,087.08 points with 73.344 million shares.
BR Tech & Comm Index eroded 84.9 points or 2.35 percent to close at 3,529.77 points with 82.553 million shares.
“Relentless selling pushed the KSE-100 index below the 62,000 mark,” Muhammad Shuja Qureshi at JS Global Capital said.
News from the political front further dented the prevailing negative sentiment. PPL’s emergent board meeting coming Thursday lifted the stock to close in the green. Other gainers were NML, MCB, SEPL and TCORP.
The market turnover increased to 436 million shares, where KEL (down 4.1 percent), WTL (down 1.6 percent), HASCOL (up 1.9 percent), PTC (down 7.7 percent) and PRL (down 7.5 percent) were the volume leaders.
Copyright Business Recorder, 2024