KARACHI: Pakistan Stock Exchange on Monday closed in negative zone due to selling pressure as investors preferred to offload their holdings.

The benchmark KSE-100 Index declined by 204.92 points or 0.26 percent and closed at 78,283.30 points. After positive opening, the index crossed 79,000 psychological level to hit 79,014.69 points intraday high. However, it failed to sustain this level and dropped into negative due to selling pressure to hit 78,240.37 points intra-day low.

Trading activity remained low as daily volumes on ready counter decreased to 457.280 million shares as compared to 680.810 million shares traded last Friday. The daily traded value on the ready counter declined to Rs 15.874 billion against previous session’s Rs 21.186 billion.

BRIndex100 decreased by 58.91 points or 0.71 percent to close at 8,269.58 points with total daily turnover of 310.568 million shares.

BRIndex30 lost 48.66 points or 0.18 percent to close at 26,578.80 points with total daily trading volumes of 160.826 million shares.

Foreign investors however remained net buyers of shares worth $1.068 million. Total market capitalization declined by Rs 64 billion to stand at Rs 10.421 trillion. Out of total 447 active scrips, 287 closed in negative and 107 in positive while the value of 53 stocks remained unchanged.

Hascol Petroleum was the volume leader with 46.430 million shares however lost Rs 0.25 to close at Rs 7.65 followed by Agha Steel that declined by Rs 1.52 to close at Rs 13.68 with 28.794 million shares. Secure Logistics decreased by Rs 1.48 to close at Rs 14.89 with 21.545 million shares.

Unilever Pakistan Foods and PIA Holding Company LimitedB were the top gainers increasing by Rs 100.07 and Rs 75.20 respectively to close at Rs 17,599.00 and Rs 908.95 while Hoechst Pakistan and Rafhan Maize Products Company were the top losers declining by Rs 50.00 and Rs 48.92 respectively to close at Rs 2,050.00 and Rs 7,390.25.

An analyst at Topline Securities said Pakistan equities moved in both directions as bullish and bearish forces confronted throughout the session to take the helm at PSX. However, bears emerged as a winner as the KSE-100 index called the day at 78,283 levels (down 205 points or 0.26 percent).

Investors chose to do profit taking in selective stocks of Bank, Fertilizer, Auto and Steel sectors. Resultantly, MEBL, HBL, ENGRO, MTL and INIL lost 410 points, cumulatively. On the other side, HUBC, MARI and BAHL collectively added 326 points as they witnessed rejuvenated buying interest in them.

BR Automobile Assembler Index declined by 371.3 points or 2.11 percent to close at 17,226.52 points with total turnover of 15.836 million shares.

BR Cement Index lost 22.13 points or 0.3 percent to close at 7,321.07 points with 25.975 million shares.

BR Commercial Banks Index decreased by 171.67 points or 0.78 percent to close at 21,869.16 points with 28.124 million shares.

BR Power Generation and Distribution Index increased by 174.07 points or 0.94 percent to close at 18,673.54 points with 22.876 million shares.

BR Oil and Gas Index gained 22.72 points or 0.32 percent to close at 7,116.91 points with 58.388 million shares.

BR Tech. & Comm. Index fell by 85.87 points or 2.12 percent to close at 3,961.91 points with 69.010 million shares.

Ahsan Mehanti at Arif Habib Corporation said stocks closed lower on economic uncertainty and concerns over outcome of ongoing regulatory oversight on share trading for public interest.

Midsession support witnessed on upbeat CPI Inflation data for August 2024 at 9.6 percent YoY.

He said political noise and uncertainty over IMF approvals on power tariff cut with Rs 2.8 trillion funding plan stalling industrial closures played a catalyst role in bearish close.

Copyright Business Recorder, 2024