KARACHI: After bull-run during last three consecutive sessions, Pakistan Stock Exchange Thursday turned bearish as investors opted to book profit on available margins that forced the market to close in red zone. The investors welcomed the IMF programme resumption and the market opened on positive note, however profit taking in almost all sectors pushed the market in red zone.
The benchmark KSE-100 Index declined by 256.22 points or 0.56 percent to close below 46,000 psychological level at 45,862.93 points. Trading activities also remained low as daily volumes on ready counter decreased to 328.008 million shares as compared to 360.805 million shares traded on Wednesday.
BRIndex100 lost 36.74 points or 0.77 percent to close at 4,720.10 points with total daily turnover of 288.619 million shares.
BRIndex30 decreased by 197.1 points or 1.05 percent to close at 18,516.28 points with total daily trading volumes of 212.657 million shares.
The market capitalization declined by Rs 22 billion to Rs 7.841 trillion. Out of total 369 active scrips, 207 closed in negative and 133 in positive while the value of 29 stocks remained unchanged.
WorldCall Telecom was the volume leader with 32.820 million shares and gained Rs 0.04 to close at Rs 2.33 followed by Telecard Limited that closed at Rs 17.45, down Rs 0.97 with 20.302 million shares. Ghani Glo. Hol lost Rs 0.47 to close at Rs 22.24 with 16.802 million shares.
Bata Pak and Sapphire Fiber were the top gainers increasing by Rs 50.00 and Rs 49.87 respectively to close at Rs 2050.00 and Rs 881.45 while Pak Services and Siemens Pak were the top losers declining by Rs 131.84 and Rs 33.88 respectively to close at Rs 1626.06 and Rs 605.07.
An analyst at Topline Securities said that the Pakistan equities welcomed IMF program resumption as the benchmark KSE-100 Index started the day with on positive note with plus 224 points and made an intraday high at 46,388 level (positive 268 points; up 0.58 percent). However, profit taking came into play at the aforesaid level, which pushed the KSE-100 Index into red zone, where eventually market settled at 45,863 level, down 0.56 percent.
Textile, Tobacco, Fertilizer and OMC sectors’ stocks provided some support as ILP, PAKT, DAWH, EFERT and SHEL cumulatively added 41 points while PSEL, LUCK and HBL had witnessed some profit taking as they lost 110 points, collectively.
BR Automobile Assembler Index gained 33.99 points or 0.4 percent to close at 8,636.45 points with total turnover of 1.238 million shares.
BR Cement Index declined by 69.78 points or 1.19 percent to close at 5,775.91 points with 22.764 million shares.
BR Commercial Banks Index lost 42.96 points or 0.42 percent to close at 10,296.87 points with 15.343 million shares.
BR Power Generation and Distribution Index decreased by 43.57 points or 0.71 percent to close at 6,111.78 points with 13.132 million shares.
BR Oil and Gas Index inched down by 25.18 points or 0.63 percent to close at 3,983.14 points with 11.528 million shares.
BR Tech. & Comm. Index closed at 3,853.49 points, down 4.24 points or 0.11 percent with 98.932 million shares.
An analyst at Arif Habib Limited said that the market opened on a positive note as the International Monetary Fund’s Executive Board approved the loan tranche of $1.0 billion of its $6 billion Extended Fund Facility (EFF) for Pakistan.
Physiological level of 46,000 was unable to digest by the investors as profit taking was witnessed across the board, which led the index to close in the red zone. Main board activity remained gloomy. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.
Sectors contributing to the performance include Misc. (down 65.8 points), Cement (down 51.6 points), Banks (down 47.9 points), E&P (down 39.6 points) and Power (down 18.5 points).
Copyright Business Recorder, 2022
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