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KARACHI: MSCI decision to downgrade Pakistan from Emerging Market Index to Frontier Market Index invited selling and despite positive opening, Pakistan Stock Exchange closed in deep red Wednesday.

BRIndex100 lost 27.5 points or 0.55 percent to close at 5,015.73 points. BRIndex100 hit intraday high of 5,066.82 points and an intraday low of 5,008.75 points. Volumes stood at 417.072 million shares.

BRIndex30 however managed to close in positive at 24,624.02 points, up 26.30 points or 0.11 percent with a turnover of 226.303 million shares.

The KSE-100 Index declined by 333.25 points or 0.71 percent and closed at 46,396.71 points. Daily trading volumes on ready counter increased to 477.865 million shares as compared to 423.757 million shares traded on Tuesday.

Foreign investors also remained net sellers of shares worth $1.630 million. Total market capitalization declined by Rs 59 billion to Rs 8.159 trillion. Out of total 524 active scrips, 344 closed in negative and 160 in positive while the value of 20 stocks remained unchanged.

TPL Corp was the volume leader with 39.045 million shares and gained Rs 0.24 to close at Rs 25.52 followed by Telecard Limited that increased by Rs 1.54 to close at Rs 23.11 with 37.429 million shares. Nestle Pakistan and Allawasaya Textile were the top gainers increasing by Rs 90.75 and Rs 81.39 respectively to close at Rs 6164.50 and Rs 1166.71 while Rafhan Maize and Sapphire Textile were the top losers declining by Rs 280.00 and Rs 40.00 respectively to close at Rs 11000.00 and Rs 1050.00.

BR Automobile Assembler Index decreased by 51.09 points or 0.55 percent to close at 9,192.08 points with total turnover of 3.337 million shares.

BR Cement Index plunged by 183.81 points or 2.76 percent to close at 6,481.21 points with 14.196 million shares.

BR Commercial Banks Index lost 30.75 points or 0.33 percent to close at 9,290.02 points with 20.771 million shares.

BR Power Generation and Distribution Index declined by 57.02 points or 1.01 percent to close at 5,563.71 points with 26.139 million shares.

BR Oil and Gas Index fell by 43.24 points or 1.12 percent to close at 3,828.37 points with 10.154 million shares.

BR Tech. & Comm. Index gained 34.71 points or 0.7 percent to close at 5,016.62 points with 128.582 million shares.

Maaz Mulla at JS Global Capital said that the KSE-100 Index witnessed a volatile session making a high and low of 46,875 points and 46,310 points, respectively. Major contribution to traded volume of 478 million shares was from TPL (up 0.9 percent), TELE (up 7.1 percent), PIAA (down 2.6 percent), GGL (up 7.5 percent) and PTC (down 0.7 percent).

Significant selling pressure was seen in the market due to reclassification of MSCI Index to Frontier Market (FM) from Emerging Market (EM).

Cement sector continued slipping due to pressure from rising coal prices where KOHC (down 5.3 percent), LUCK (down 3.9 percent), THCCL (down 4.7 percent), FLYNG (down 3.5 percent) and PIOC (down 3.0 percent) closed in the red zone.

Moreover PPL (down 1.1 percent) and OGDC (down 2.7 percent) from the E&P sector closed lower, where crude oil prices fell in the international market.

Copyright Business Recorder, 2021

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