KARACHI: Pakistan Stock Exchange on Monday followed global downtrend and equity selloff amid fear over US recession and concerns over Middle East tensions.
The benchmark KSE-100 Index plunged by 1,141.50 points or 1.46 percent and closed at 77,084.49 points. The index hit 78,330.10 points intraday high and 76,943.24 points intraday low.
The daily trading volumes on ready counter increased to 501.191 million shares as compared to 443.483 million shares traded on last Friday. The daily traded value on the ready counter increased to Rs 21.057 billion against previous session’s Rs 20.497 billion.
BRIndex100 decreased by 129.83 points or 1.56 percent to close at 8,186.01 points with total daily turnover of 434.194 million shares.
BRIndex30 declined by 571.81 points or 2.21 percent to close at 25,326.40 points with total daily trading volumes of 270.569 million shares.
Foreign investors also remained net sellers of shares worth $337,512. Total market capitalization declined by Rs 104 billion to Rs 10.269 trillion. Out of total 442 active scrips, 261 closed in negative and 129 in positive while the value of 52 stocks remained unchanged.
Kohinoor Spining was the volume leader with 86.045 million shares and increased by Rs 1.00 to close at Rs 5.41 followed by Yousuf Weaving that gained Rs 1.00 to close at Rs 4.14 with 32.793 million shares. WorldCall Telecom lost Rs 0.05 to close at Rs 1.21 with 19.643 million shares.
Ismail Industries and Khyber Textile Mills were the top gainers increasing by Rs 66.98 and Rs 37.21 respectively to close at Rs 1,418.08 and Rs 410.08 while Unilever Pakistan Foods and Sapphire Fibres were the top losers declining by Rs 149.50 and Rs 117.96 respectively to close at Rs 17,850.50 and Rs 1,480.10.
An analyst at Topline Securities said Pakistan’s stock market followed the global downtrend, with the KSE-100 Index plunging by 1,141 points, or 1.46 percent, to settle at 77,084 points.
The downturn was largely influenced by declines in the Power, Exploration & Production (E&P), IT and Banking sectors, with key contributors such as HUBC, HBL, POL, SYS, and BAHL accounting for a combined 484-point drop.
BR Automobile Assembler Index declined by 347.6 points or 1.84 percent to close at 18,511.14 points with total turnover of 15.455 million shares.
BR Cement Index decreased by 144.63 points or 1.94 percent to close at 7,327.59 points with 26.785 million shares.
BR Commercial Banks Index plunged by 457.73 points or 2.06 percent to close at 21,790.75 points with 25.010 million shares.
BR Power Generation and Distribution Index eroded 497.63 points or 2.73 percent to close at 17,725.30 points with 20.690 million shares.
BR Oil and Gas Index lost 87.38 points or 1.32 percent to close at 6,539.39 points with 25.318 million shares.
BR Tech. & Comm. Index fell by 89.14 points or 2.25 percent to close at 3,863.88 points with 54.543 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks fell across the board on global equity selloff amid fears over US recession and concerns over Middle East tensions.
He sad weak Pak rupee, slump in global crude oil prices and concerns over likely impact on exports on US recession fears played a catalyst role in bearish close.