KARACHI: Pakistan Stock Exchange Thursday remained under pressure and closed in deep red due to investor concerns over political unrest in the country and further depreciation of PKR against the USD.

The market opened on a positive note, however failed to sustain this momentum due to selling pressure in almost all sectors.

The benchmark KSE-100 Index declined by 324.27 points or 0.74 percent and closed below 44,000 level at 43,786.83 points. The KSE-100 Index hit 44,349.86 points intraday high and 43,749.82 points intraday low level.

The daily trading volumes on ready counter increased to 141.017 million shares as compared to 108.410 million shares traded on Wednesday while total daily traded value on ready counter increased to Rs 4.980 billion against previous day’s Rs 4.270 billion.

BRIndex100 decreased by 47.55 points or 1.08 percent to close at 4,358.07 points with total daily turnover of 127.281 million shares.

BRIndex30 plunged by 168.63 points or 1.07 percent to close at 15,563.48 points with total daily trading volumes of 75.351 million shares.

Foreign investors also remained net sellers of shares worth $120,862. Total market capitalization declined by Rs 40 billion to Rs 7.380 trillion. Out of total 308 active scrips, 193 closed in negative and only 93 in positive while the value of 22 stocks remained unchanged.

Ghani Global Holding was the volume leader with 11.144 million shares and gained Rs 0.33 to close at Rs 16.50 followed by Pak Elektron that closed at Rs 16.55, up Rs 0.27 with 9.241 million shares. K-Electric lost Rs 0.01 to close at Rs 2.90 with 7.698 million shares.

Unilever Foods and Shield Corp were the top gainers increasing by Rs 1000.00 and Rs 17.92 respectively to close at Rs 25,500.00 and Rs 307.90 while Sanofi-Aventis and Gatron Industries were the top losers declining by Rs 67.89 and Rs 39.37 respectively to close at Rs 871.11 and Rs 485.63.

“Another volatile day observed at PSX, the KSE-100 Index opened positive but was unable to digest green zone due to ongoing political unrest, rising T-bill auction yields and Pak rupee devaluation against US dollar,” an analyst at Arif Habib Limited said.

Cement sector stayed under pressure throughout the day. Across-the-board profit selling was witnessed in the last trading hour which led the index to close in red zone.

Sectors contributing to the performance include Banks (down 105.4 points), Cement (down 54.6 points), Power (down 32.6 points), E&P’s (down 31.1 points) and Engineering (down 30.8 points). BR Automobile Assembler Index lost 69.63 points or 0.75 percent to close at 9,274.18 points with total turnover of 527,129 shares.

BR Cement Index plunged by 70.1 points or 1.37 percent to close at 5,043.31 points with 9.321 million shares.

BR Commercial Banks Index declined by 102.18 points or 1.04 percent to close at 9,702.19 points with 12.987 million shares.

BR Power Generation and Distribution Index decreased by 59.63 points or 1.03 percent to close at 5,737.62 points with 11.253 million shares.

BR Oil and Gas Index fell by 17.78 points or 0.48 percent to close at 3,652.35 points with 3.874 million shares.

BR Tech. & Comm. Index closed at 3,544.42 points, down 1.09 points or 0.03 percent with 20.838 million shares.

Neelam Naz at JS Global Capital said that the KSE-100 index kicked off on a positive note making an intraday high of 44,350 but eventually witnessed a downturn due to selling pressure and closed at 43,787, down 324 points.

Total traded volume stood at 141 million shares where GGL (up 2.0 percent), PAEL (up 1.7 percent), KEL (down 0.3 percent), TELE (down 0.7 percent) and GGGL (up 3.9 percent) were the major contributors. UBL, HINOON, HUBC, MEBL and EPCL were the main laggards.

The market participants were mainly sellers amid uncertainty around the pending Supreme Court verdict regarding legitimacy of deputy speaker’s ruling. On the other hand, local currency also remained under pressure dampening market sentiments as dollar climbed over Rs.188.

Copyright Business Recorder, 2022

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