KARACHI: Pakistan Stock Exchange on Wednesday nosedived and recorded the worst ever single day decline due to panic selling on investor concerns over the revenue collection shortfall, weak global crude oil prices, political noise and unresolved IMF issues.

The benchmark KSE-100 index plunged by massive 3,790.40 points or 3.30 percent, the worst ever single day decline in points’ term, and closed at 111,070.29 points. After opening, the index saw some support and increased to hit 116,236.71 points intra-day high; however, due to selling pressure it nosedived and went in deep red to hit 110,896.27 points intra-day low level.

Trading activities remained low as total daily volumes on ready counter decreased to 1,111.921 million shares as compared to 1,252.980 million shares traded on Tuesday while total daily traded value on the ready counter declined to Rs 60.242 billion against previous session’s Rs 62.722 billion.

BRIndex100 decreased by 408.78 points or 3.32 percent to close at 11,890.17 points with total daily turnover of 965.879 million shares.

BRIndex30 declined by 1,520.90 points or 3.91 percent to close at 37,356.54 points with total daily trading volumes of 666.809 million shares.

The foreign investors; however, remained net buyers of shares worth $248,388. Total market capitalization declined by Rs 438 billion to stand at Rs 14.145 trillion. Out of total 472 active scrips, 349 closed in negative and only 89 in positive while the value of 34 stocks remained unchanged.

WorldCall Telecom was the volume leader with 139.290 million shares and lost Rs 0.17 to close at Rs 1.71 followed by Cnergyico PK that fell by Rs 0.54 to close at Rs 6.54 with 67.462 million shares. Bank of Punjab gained Rs 0.11 to close at Rs 10.17 with 60.162 million shares.

Al-Ghazi Tractors and Indus Motor Company were the top gainers increasing by Rs 51.29 and Rs 43.66, respectively to close at Rs 564.23 and Rs 2,058.57 while Unilever Pakistan Foods and Rafhan Maize Products Company were the top losers declining by Rs 107.16 and Rs 98.02, respectively to close at Rs 20,892.86 and Rs 8,902.00.

Muhammad Hasan Ather at JS Global Capital said that the KSE-100 witnessed a significant decline, losing 3.3 percent and closing in at 111,070 (down 3,790 points) after briefly reaching intraday high of 116,237 level.

This decline is mainly attributable to the profit-taking activities observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration, and refineries. WTL, CNERGY, BOP, PRL and PAEL were the leading volume drivers today.

“Concerns on the revenue collection shortfall, weak global crude oil prices, and unresolved IMF issues contributed to this bearish activity.”

BR Automobile Assembler Index fell by 306.56 points or 1.49 percent to close at 20,241.53 points with total turnover of 8.263 million shares.

BR Cement Index declined by 444.32 points or 3.87 percent to close at 11,026.89 points with 54.489 million shares.

BR Commercial Banks Index plunged by 784.03 points or 2.76 percent to close at 27,656.57 points with 107.732 million shares.

BR Power Generation and Distribution Index eroded 860.63 points or 4.4 percent to close at 18,705.50 points with 75.648 million shares.

BR Oil and Gas Index decreased by 423.09 points or 3.22 percent to close at 12,715.84 points with 125.335 million shares.

BR Tech. & Comm. Index closed at 5,395.00 points, down 210.56 points or 3.76 percent with 225.210 million shares.

Ahsan Mehanti at Arif Habib Corporation said stocks closed record bearish amid slump in global equities and foreign outflows. He said weak Pak-Rupee, political noise and concerns over unmet IMF targets on taxes, reforms under EFF played a catalyst role in bearish activity.

Copyright Business Recorder, 2024