KARACHI: Pakistan Stock Exchange on Wednesday opened on a positive note hitting new highest-ever intraday high, however failed to continue this trend and closed in negative zone due to selling pressure as the investors opted to book profit on available margins.
The benchmark KSE-100 Index plunged by 577.52 points or 0.64 percent and closed at 90,286.57 points. During the session, the index crossed 91,000 psychological level to hit 91,872.63 points intra-day highest ever level, however failed to continue this trend and dropped into negative zone to hit 90,003.31 points intra-day low due to selling pressure.
Trading activity however improved as total daily volumes on ready counter increased to 614.564 million shares as compared to 602.810 million shares traded on Tuesday while daily traded value on the ready counter declined to Rs 27.341 billion against previous session’s Rs 28.203 billion.
BRIndex100 decreased by 94.63 points or 0.98 percent to close at 9,601.39 points with total daily turnover of 529.072 million shares.
BRIndex30 declined by 310.64 points or 1.08 percent to close at 28,573.03 points with total daily trading volumes of 269.831 million shares.
The foreign investors however remained net buyers of shares worth $158,929. Total market capitalization declined by Rs 69 billion to stand at Rs 11.695 trillion. Out of total 446 active scrips, 235 closed in negative and 158 in positive while the value of 53 stocks remained unchanged.
Silk Bank was the volume leader with 68.504 million shares and gained Rs 0.10 to close at Rs 1.18 followed by The Searle Company that declined by Rs 3.93 to close at Rs 65.33 with 26.744 million shares. WorldCall Telecom lost Rs 0.03 to close at Rs 1.24 with 22.729 million shares.
Rafhan Maize Products Company and Philip Morris Pakistan were the top gainers increasing by Rs 154.84 and Rs 74.92 respectively to close at Rs 7,750.00 and Rs 824.13 while Unilever Pakistan Foods and Ismail Industries were the top losers declining by Rs 192.49 and Rs 117.98 respectively to close at Rs 18,987.51 and Rs 1,582.01.
An analyst at Topline Securities said that the Pakistan Stock Exchange witnessed a turbulent trading session, with the benchmark KSE-100 index oscillating between an impressive high of plus 1,008 points and a low of minus 860 points. Ultimately, the index closed at 90,286 points, reflecting a decline of 577 points, or 0.64 percent. This downturn was primarily driven by investors engaging in profit-taking, seizing the opportunity to lock in recent gains, thereby pushing the market into the red.
A key factor influencing the market behaviour was the heightened anticipation surrounding the T-bill auction, with investors closely monitoring its outcome. The auction is expected to provide further clarity on the direction of interest rates, which could play a crucial role in shaping near-term market dynamics.
On the performance front, key contributors to the index included SYS, PPL, GLAXO, EFERT, and ABL, which together added 264 points. However, this positive momentum was outweighed by the performance of major laggards such as FFC, NBP, HUBC, UBL, and HBL, which collectively shaved off 360 points from the index.
BR Automobile Assembler Index gained 37.18 points or 0.21 percent to close at 17,907.54 points with total turnover of 6.209 million shares.
BR Cement Index declined by 138.39 points or 1.44 percent to close at 9,453.36 points with 65.069 million shares.
BR Commercial Banks Index lost 55.82 points or 0.22 percent to close at 25,440.83 points with 100.601 million shares.
BR Power Generation and Distribution Index decreased by 211.41 points or 1.38 percent to close at 15,056.34 points with 40.966 million shares.
BR Oil and Gas Index fell by 52.03 points or 0.6 percent to close at 8,676.45 points with 56.342 million shares.
BR Tech. & Comm. Index increased by 72.08 points or 1.66 percent to close at 4,408.07 points with 72.438 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed under pressure on institutional profit taking in overbought scrips.
He said foreign outflows, rising industrial gas tariff, rupee instability and concerns for outcome of Saudi investors seeking guarantees over stable government policies for $2.0 billion investment played a catalytic role in bearish close.
Copyright Business Recorder, 2024