KARACHI: Pakistan Stock Exchange Wednesday witnessed a bearish trend and closed in red zone due to selling pressure on investor concerns over political unrest in the country. The market opened on negative note and remained in red zone throughout the day. However, the market witnessed some support in late hours that minimized intra-day losses.
The benchmark KSE-100 Index hit 43,975.75 points intraday low and closed at 44,337.56 points with net loss of 101.14 points or 0.23 percent.
Daily trading volumes however increased to 344.135 million shares as compared to 268.911 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 7.779 billion against previous day’s Rs 7.174 billion.
BRIndex100 lost 13.46 points or 0.3 percent to close at 4,458.81 points with total daily turnover of 301.941 million shares.
BRIndex30 decreased by 92.03 points or 0.57 percent to close at 15,943.92 points with total daily trading volumes of 225.842 million shares.
Foreign investors also remained on selling side with net outflow of $2.925 million. Total market capitalization declined by Rs 1.820 billion to Rs 7.481 trillion. Out of total 354 active scrips, 169 closed in negative and 158 in positive while the value of 27 stocks remained unchanged.
K-Electric was the volume leader with 38.419 million shares however closed at previous day’s closing level of Rs 3.11 without any change followed by Ghani Global Holding that gained Rs 0.34 to close at Rs 16.24 with 31.115 million shares. WorldCall Telecom inched up by Rs 0.03 to close at Rs 1.73 with 19.941 million shares.
Rafhan Maize and Nestle Pakistan were the top gainers increasing by Rs 500.00 and Rs 90.00 respectively to close at Rs 12,000.00 and Rs 5,500.00 while Otsuka Pak and Packages Limited were the top losers declining by Rs 19.12 and Rs 14.58 respectively to close at Rs 235.88 and Rs 428.27.
An analyst at Arif Habib Limited said that the index stayed in the red territory during the day due to political unrest and further PKR devaluation against dollar. Main board activity remained dull.
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 E&P’s (down 47.2 points), Fertilizer (down 23.9 points), OMC’s (down 16.3 points) and Investment Banks (down 10.9 points).
BR Automobile Assembler Index decreased by 44.62 points or 0.48 percent to close at 9,307.06 points with total turnover of 1.752 million shares.
BR Cement Index inched up by 1.49 points or 0.03 percent to close at 5,444.49 points with 19.511 million shares.
BR Commercial Banks Index lost 7.3 points or 0.07 percent to close at 9,843.94 points with 18.617 million shares.
BR Power Generation and Distribution Index gained 28.67 points or 0.49 percent to close at 5,844.72 points with 42.930 million shares.
BR Oil and Gas Index fell by 38.11 points or 1.0 percent to close at 3,761.57 points with 7.501 million shares.
BR Tech. & Comm. Index closed at 3,453.63 points, up 5.07 points or 0.15 percent with 62.178 million shares.
An analyst at Topline Securities said that the Pakistan equities closed negative where benchmark KSE-100 Index settled at 44,338 level, down 0.23 percent.
Rising political uncertainty over no-confidence motion against prime minister led the market to open sideways where market made an intraday low of 463 points however some recovery has been witnessed in second half of the session.
Major negative contributors were OGDC, FFC and PSO cumulatively dented the Index by 57 points further profit taking has also been witnessed in Banking Sector where MCB, MEBL and UBL closed lower.
Copyright Business Recorder, 2022
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