KARACHI: Pakistan Stock Exchange Monday witnessed a bloodbath session and closed in deep red with heavy losses due to panic selling on investor concerns over political unrest in the country and decreasing PKR value against the US dollar.
The benchmark KSE-100 Index hit 43,821.31 points intraday low level, however slightly recovered and closed at 43,902.05 points, with a heavy loss of 1,250.06 points or 2.77 percent.
Trading activities remained very thin as total daily volumes plunged to 170.486 million shares as compared to 389.113 million shares traded on previous session while total daily traded value declined to Rs 5.497 billion against previous session’s Rs 11.107 billion.
BRIndex100 declined by 170.68 points or 3.75 percent to close at 4,376.90 points with total daily turnover of 160.965 million shares.
BRIndex30 plunged by 823.67 points or 5.02 percent to close at 15,597.18 points with total daily trading volumes of 119.432 million shares. Foreign investors also remained net sellers of shares worth $440,498. Total market capitalization declined by Rs 184 billion and stood at Rs 7.415 trillion. Out of total 305 active scrips, 268 closed in negative and only 26 in positive while the value of 11 stocks remained unchanged.
Telecard Limited was the volume leader with 17.394 million shares however lost Rs 0.57 to close at Rs 13.86 followed by K-Electric that closed at Rs 2.92, down Rs 0.18 with 16.012 million shares. TPL Properties declined by Rs 1.56 to close at Rs 19.26 with 12.559 million shares.
Colgate Palmolive and Otsuka Pak were the top gainers increasing by Rs 99.98 and Rs 17.01 respectively to close at Rs 2299.99 and Rs 244.70 while Sapphire Textile and Sapphire Fiber were the top losers declining by Rs 75.01 and Rs 66.79 respectively to close at Rs 933.51 and Rs 830.00.
Neelam Naz at JS Global Capital said that the benchmark index witnessed a bloodbath amid developing political turmoil and closed at 43,902, down 1,250 points.
Major laggards were LUCK, HBL, PSO, TRG and MEBL. Total volume traded for the day was recorded at 170 million shares where TELE, KEL, TPLP, GGL and WTL were the top contributors.
BR Automobile Assembler Index declined by 221.87 points or 2.33 percent to close at 9,293.41 points with total turnover of 1.065 million shares.
BR Cement Index plunged by 330.64 points or 5.99 percent to close at 5,189.65 points with 15.056 million shares.
BR Commercial Banks Index decreased by 312.84 points or 3.12 percent to close at 9,717.50 points with 7.221 million shares.
BR Power Generation and Distribution Index lost 160.59 points or 2.73 percent to close at 5,714.23 points with 17.948 million shares.
BR Oil and Gas Index fell by 99.0 points or 2.61 percent to close at 3,691.20 points with 6.873 million shares.
BR Tech. & Comm. Index closed at 3,498.37 points, down 133.65 points or 3.68 percent with 44.090 million shares.
An analyst at Arif Habib Limited said that the KSE-100 Index experienced a blood bath session throughout the day due to political unrest. A significant decline was observed in the volumes of the market as well. Across the board selling was witnessed. Main board volumes remained subdued. On the flip side, hefty volumes were recorded in the 3rd tier stocks.
Sectors contributing to the performance include Banks (down 324.5 points), Cement (down 252.9 points), Technology and Communications (down 100.6 points), E&P (down 93.5 points) and Power (down 69.2 points).
Copyright Business Recorder, 2022
Comments
Comments are closed.