KARACHI: After opening on positive note, investors opted to book profit on available margins that pushed the Pakistan Stock Exchange to close in deep red with heavy losses Thursday.
The benchmark KSE-100 Index hit 46,468.26 points intraday high however failed to sustain this level due to selling pressure and closed in negative near its intraday low at 45,940.04 points, down 399.72 points or 0.86 percent.
Daily trading volumes on ready counter increased to 285.968 million shares as compared to 243.148 million shares traded on Wednesday while total daily traded value on ready counter declined to Rs 9.272 billion against previous day’s Rs 9.938 billion.
BRIndex100 lost 43.49 points or 0.92 percent to close at 4,706.00 points with total daily turnover of 246.364 million shares.
BRIndex30 plunged by 244.05 points or 1.33 percent to close at 18,132.60 points with total daily trading volumes of 181.641 million shares.
Foreign investors also remained on the selling side and withdrew $4.463 million from Pakistan capital market. Total market capitalization declined by Rs 60 billion to Rs 7.845 trillion. Out of total 367 active scrips, 222 closed in negative and 123 in positive while the value of 22 stocks remained unchanged.
Telecard was the volume leader with 45.410 million shares however lost Rs 0.33 to close at Rs 17.51 followed by TPL Properties that closed at Rs 34.19, down Rs 0.30 with 16.954 million shares. WorldCall Telecom inched down by Rs 0.03 to close at Rs 2.18 with 13.715 million shares.
Rafhan Maize and Premium Textile were the top gainers increasing by Rs 200.00 and Rs 44.98 respectively to close at Rs 10600.00 and Rs 704.99 while Nestle Pakistan and Bata Pak were the top losers declining by Rs 149.99 and Rs 49.80 respectively to close at Rs 5500.01 and Rs 2100.00.
An analyst at Arif Habib Limited said that the market remained dull as sustainability concerns arise over physiological level of 46,000.
Cement sector stayed under pressure due to higher international coal prices. In the fertilizer sector, EFERT remained in the limelight as it announced financial result in line with market expectations. Index level of 46,000 was unable to digest by the investors as profit taking was observed across the board in the last trading hour, which led the market to close in the red zone.
Sectors contributing to the performance include Banks (down 120.6 points), Fertilizer (down 63.2 points), Technology (down 57.5 points), E&P (down 42.7 points) and Cement (down 35.0 points).
BR Automobile Assembler Index increased by 85.77 points or 0.97 percent to close at 8,910.71 points with total turnover of 1.134 million shares.
BR Cement Index decreased by 47.53 points or 0.83 percent to close at 5,674.06 points with 3.894 million shares.
BR Commercial Banks Index plunged by 115.16 points or 1.11 percent to close at 10,219.13 points with 22.632 million shares.
BR Power Generation and Distribution Index declined by 59.15 points or 0.95 percent to close at 6,181.14 points with 16.035 million shares.
BR Oil and Gas Index lost 24.93 points or 0.62 percent to close at 4,024.86 points with 12.012 million shares.
BR Tech. & Comm. Index closed at 3,720.34 points, down 67.8 points or 1.79 percent with 90.848 million shares.
An analyst at Topline Securities said that the Pakistan equities closed on a negative note where benchmark KSE-100 Index settled at 45,940, down 0.86 percent.
After a slight positive opening, the market witnessed profit taking where market made an intraday low of 403 points. Major negativity came from banking sector where HBL, MCB, BAHL, NBP and ABL closed lower dented cumulatively 160 points from KSE100 Index.
Furthermore technology and communication sector also witnessed profit taking where SYS and TRG closed lower from previous day.
Copyright Business Recorder, 2022
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