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KARACHI: Pakistan Stock Exchange on Thursday opened on positive note, however failed to sustain this momentum and closed in deep red due to selling at the fag end.

The KSE-100 Index declined by 281.70 points or 0.60 percent and closed at 46,348.18 points. Trading activity also remained low as daily volumes on ready counter decreased to 269.512 million shares as compared to 320.334 million shares traded Wednesday.

BRIndex100 decreased by 50.19 points or 1.04 percent to close at 4,794.76 points. Daily trading volumes stood at 195.820 million shares.

BRIndex30 plunged by 350.36 points or 1.64 percent to close at 20,965.90 points with total turnover of 126.433 million shares.

Foreign investors also remained net sellers of shares worth $2.117 million. The market capitalization declined by Rs 60 billion to Rs 7.900 trillion. Out of total 352 active scrips, 232 closed in negative and only 95 in positive while the value of 25 stocks remained unchanged.

Ghani Glo. Hol was the volume leader with 30.213 million shares however declined by Rs 1.05 to close at Rs 32.19 followed by Service Fabrics that increased by Rs 0.65 to close at Rs 12.09 with 20.520 million shares.

Wyeth Pak and Sapphire Textile were the top gainers increasing by Rs 110.68 and Rs 75.00 respectively to close at Rs 1586.43 and Rs 1230.00 while Unilever Foods and Colgate Palmolive were the top losers declining by Rs 1414.00 and Rs 46.23, respectively to close at Rs 18399.00 and Rs 2568.50.

An analyst at Arif Habib Limited said that the market opened on a positive note but remained dull in the first half session of the market. Concerns on inflation and weakening of Pak Rupee against dollar created uncertainly for investors to take fresh positions, which eventually resulted in profit-booking scenario of last day positions in the second half session.

Accumulation was witnessed in the banking sector as market participants eyeing towards rate hike in the upcoming monetary policy. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. On the flip-side, institutional activity remained lackluster.

Sectors contributing to the performance include Commercial Banks (down 60 points), E&P (down 55 points), Technology (down 40 points), Cement (down 37 points) and Engineering (down 19 points).

BR Automobile Assembler Index lost 35.24 points or 0.4 percent to close at 8,704.62 points with total turnover of 2.392 million shares.

BR Cement Index decreased by 44.93 points or 0.72 percent to close at 6,230.88 points with 14.270 million shares.

BR Commercial Banks Index fell by 57.92 points or 0.58 percent to close at 10,009.34 points with 11.348 million shares.

BR Power Generation and Distribution Index closed at 5,414.86 points, down 12.22 points or 0.23 percent with 5.501 million shares.

BR Oil and Gas Index declined by 42.39 points or 1.09 percent to close at 3,829.34 points with 13.704 million shares.

BR Tech. & Comm. Index plunged by 57.97 points or 1.28 percent to close at 4,469.90 points with 49.978 million shares.

Copyright Business Recorder, 2021

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