PSX stays depressed

KARACHI: Pakistan Stock Exchange on Thursday remained under pressure and closed in red zone due to selling in various sectors.

The benchmark KSE-100 Index plunged by 444.91 points or 0.63 percent and closed at 70,657.64 points. During the session, the index hit 71,292.83 points intra-day high and 70,562.12 points intra-day low level.

Trading activity remained low as total daily volumes on ready counter decreased to 436.993 million shares as compared to 560.552 million shares traded on last trading session while total daily traded value on the ready counter declined to Rs 19.024 billion against previous session’s Rs 25.730 billion.

BRIndex100 decreased by 52.36 points or 0.7 percent to close at 7,408.72 points with total daily turnover of 393.325 million shares.

BRIndex30 declined by 134.9 points or 0.56 percent to close at 24,036.41 points with total daily trading volumes of 252.000 million shares.

The market capitalization declined by Rs 89 billion to Rs 9.657 trillion. Out of total 365 active scrips, 234 closed in negative and 103 in positive while the value of 28 stocks remained unchanged.

K-Electric was the volume leader with 30.103 million shares however lost Rs 0.21 to close at Rs 4.23 followed by WorldCall Telecom that inched down by Rs 0.02 to close at Rs 1.26 with 25.120 million shares. Bank of Punjab closed at Rs 4.90, down Rs 0.20 with 20.168 million shares.

Sapphire Fibres Limited and Khyber Tobacco Company were the top gainers increasing by Rs 56.42 and Rs 20.25 respectively to close at Rs 1,479.75 and Rs 290.29 while Unilever Pakistan Foods and Hallmark Company Limited were the top losers declining by Rs 717.85 and Rs 86.15 respectively to close at Rs 19,282.15 and Rs 1,062.97.

An analyst at Topline Securities said the trading session in Pakistan’s stock market ended with the index closing at 70,658, indicating a decrease of 0.63 percent or 445 points. Throughout the day the index reached intraday highs and lows at 71,293 and 70,562 points, respectively.

Sectors such as Technology and Fertilizer contributed to the index’s decline, with companies like TRG, FFC, EFERT, ENGRO, and SYS collectively losing 248 points. Conversely, BAFL, PPL, and ILP made positive contributions, adding a total of 103 points.

BR Automobile Assembler Index gained 26.36 points or 0.17 percent to close at 15,765.92 points with total turnover of 20.330 million shares.

BR Cement Index added 20.58 points or 0.29 percent to close at 7,051.88 points with 31.502 million shares.

BR Commercial Banks Index decreased by 58.75 points or 0.31 percent to close at 18,721.67 points with 63.085 million shares.

BR Power Generation and Distribution Index inched up by 16.73 points or 0.11 percent to close at 15,872.67 points with 40.302 million shares.

BR Oil and Gas Index lost 22.11 points or 0.34 percent to close at 6,468.47 points with 35.223 million shares.

BR Tech. & Comm. Index declined by 133.25 points or 3.58 percent to close at 3,590.38 points with 69.080 million shares.

Ahsan Mehanti at Arif Habib Corporation said stocks closed lower amid institutional profit taking after slump in global crude oil prices and dismal data on $2.35 billion exports falling by 9.0 percent YoY in April 2024.

He said uncertainty over Pak-IMF talks for $8.0 billion new loan and weak earnings outlook amid surging energy prices, and reports of conflicts over Government privatisation policy a catalyst role in bearish close.

Copyright Business Recorder, 2024