KARACHI: Pakistan Stock Exchange on Wednesday witnessed a bearish trend and closed in deep red with heavy losses due to selling pressure as investors opted to book profit on available margins.
The benchmark KSE-100 Index plunged by 681.19 points or 0.90 percent and closed at 74,836.30 points. The index hit 75,667.31 points intraday high and 74,760.10 points intraday low.
Trading activity also remained low as daily volumes on ready counter decreased to 408.073 million shares as compared to 446.071 million shares traded on Monday while total daily traded value on the ready counter stood at Rs 16.500 billion against previous session’s Rs 16.406 billion.
BRIndex100 lost 24.98 points or 0.32 percent to close at 7,845.63 points with total daily turnover of 346.026 million shares.
BRIndex30 declined by 145.12 points or 0.57 percent to close at 25,255.95 points with total daily trading volumes of 217.524 million shares.
Foreign investors however remained net buyers of shares worth $1.851 million. The market capitalization declined by Rs 103 billion to Rs 10.083 trillion. Out of total 405 active scrips, 277 closed in negative and only 85 in positive while the value of 43 stocks remained unchanged.
K-Electric was the volume leader with 38.647 million shares however lost Rs 0.11 to close at Rs 4.91 followed by WorldCall Telecom that inched down by Rs 0.03 to close at Rs 1.34 with 22.383 million shares. Dewan Motors declined by Rs 3.34 to close at Rs 41.42 with 19.354 million shares.
PIA Holding Company Limited and Service Industries Limited were the top gainers increasing by Rs 60.83 and Rs 43.83 respectively to close at Rs 889.25 and Rs 918.63 while Hoechst Pakistan Limited and Hallmark Company Limited were the top losers declining by Rs 113.80 and Rs 45.27 respectively to close at Rs 1,358.70 and Rs 534.26.
An analyst at Topline Securities said that Pakistan’s equity market experienced a downturn. The KSE-100 Index hit an intraday high of 75,667 points and an intraday low of 74,760 points, ultimately closing the day at 74,836 points, (down 681 points or 0.90 percent).
The E&P, banking, and fertilizer sectors all contributed to the negative trend, with OGDC, PPL, BAHL, FFC, and ENGRO collectively shedding 323 points. Conversely, SRVI, LCI, and FABL collectively added 65 points.
BR Automobile Assembler Index declined by 120.69 points or 0.73 percent to close at 16,410.10 points with total turnover of 23.548 million shares.
BR Cement Index decreased by 89.69 points or 1.2 percent to close at 7,382.73 points with 40.094 million shares.
BR Commercial Banks Index fell by 141.92 points or 0.7 percent to close at 20,239.09 points with 39.003 million shares.
BR Power Generation and Distribution Index lost 59.29 points or 0.34 percent to close at 17,587.73 points with 58.243 million shares.
BR Oil and Gas Index plunged by 136.21 points or 2.01 percent to close at 6,653.86 points with 30.612 million shares.
BR Tech. & Comm. Index eroded 46.73 points or 1.16 percent to close at 3,970.83 points with 63.842 million shares.
Mohammed Waqar Iqbal at JS Global Capital said the market opened on a negative note, feeling the pressure due to rollover week.
Traded volume stood at 408 million shares where KEL (down 2.2 percent), WTL (down 2.2 percent), DFML (down 7.5 percent), DCL (down 8.1 percent) and FABL (up 2.6 percent) were the volume leaders.
Copyright Business Recorder, 2024