PSX stays bearish

KARACHI: A bearish trend continued on Pakistan Stock Exchange Wednesday due to selling in almost all sectors on investor concerns over further depreciation of Pak rupee against the US dollar. The market opened on slight positive note but failed to sustain this momentum due to selling pressure and closed in deep red with heavy losses.

The benchmark KSE-100 Index plunged by 390.20 points or 0.84 percent and closed below 46,000 psychological level at 45,943.16 points. During the session the Index hit 46,586.06 points intra-day high and 45,888.27 points intra-day low level.

The trading volumes on ready counter increased to 234.997 million shares as compared to 228.620 million shares traded on Tuesday however total daily traded value on ready counter declined to Rs 8.011 billion against previous day’s Rs 8.838 billion.

BRIndex100 decreased by 47.99 points or 1.03 percent to close at 4,623.21 points with total daily turnover of 204.869 million shares. BRIndex30 lost 62.32 points or 0.36 percent to close at 17,159.89 points with total daily trading volumes of 145.293 million shares.

Foreign investors however remained net buyers of shares worth $870,133. Total market capitalization declined by Rs 62 billion to Rs 7.661 trillion. Out of total 326 active scrips, 218 closed in negative and only 87 in positive while the value of 21 stocks remained unchanged.

Cnergyico PK was the volume leader with 23.759 billion shares and gained Rs 0.17 to close at Rs 6.31 followed by TPL Properties that inched up by Rs 0.71 to close at Rs 23.44 with 15.740 million shares. Ghani Global Holding lost Rs 0.13 to close at Rs 19.23 with 14.761 million shares.

Premium Textile and Colgate Palmolive were the top gainers increasing by Rs 52.00 and Rs 49.99 respectively to close at Rs 751.00 and Rs 2300.00 while Indus Motor Co and Sanofi-Aventis were the top losers declining by Rs 39.25 and Rs 24.99 respectively to close at Rs 1340.75 and Rs 950.00.

An analyst at Arif Habib Limited said that profit taking continued at PSX, KSE-100 index opened positive but could not sustain in green zone as profit taking dragged the index down to red zone due to weakening of Pak rupee against US Dollar, the session remained dull whereas hefty volumes were observed in 3rd tier stocks.

Sectors contributing to the performance include Banks (down 98.3 points), Cement (down 87.5 points), E&P (down 67.22 points), Fertilizer (down 45.6 points) and Power (down 20.7 points).

BR Automobile Assembler Index decreased by 78.14 points or 0.8 percent to close at 9,691.90 points with total turnover of 889,888 shares.

BR Cement Index plunged by 116.43 points or 2.19 percent to close at 5,210.54 points with 23.666 million shares.

BR Commercial Banks Index fell by 94.37 points or 0.93 percent to close at 10,092.33 points with 20.691 million shares.

BR Power Generation and Distribution Index lost 44.5 points or 0.76 percent to close at 5,845.94 points with 8.196 million shares.

BR Oil and Gas Index declined by 49.92 points or 1.28 percent to close at 3,851.39 points with 6.450 million shares.

BR Tech. & Comm. Index gained 3.22 points or 0.08 percent to close at 3,793.26 points with 44.047 million shares.

An analyst at Topline Securities said that Pakistan equities continued a downward trend where benchmark KSE100 Index settled at 45,943 level, down 0.84 percent.

After a slight positive opening, market continued to slid where market make an intraday low of 390 points. Major negativity came from Banks, E&Ps and Cement sector where HBL, PPL, MLCF and MEBL closed lower.

Copyright Business Recorder, 2022