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KARACHI: Pakistan Stock Exchange Thursday remained under severe selling pressure due to further depreciation of the PKR against the US dollar and concerns over spikes in Market Treasury Bill yields.

The PKR further weakened by 0.6 percent against US$ during the day, whereas T-Bill yields increased by 70bps in Wednesday’s auction. Both these developments also dampened investor sentiments. The benchmark KSE-100 Index declined by 290.54 points or 0.63 percent and closed at 45,652.62 points. During the session, the index crossed 46,000 points psychological level to hit 46,066.45 points intra-day high however failed to sustain this momentum and dropped in negative zone to hit 45,598.45 points intra-day low level.

Trading activity also remained thin due to investors’ lack of interest as total daily volumes on ready counter decreased to 186.431 million shares as compared to 234.997 million shares traded on Wednesday while total daily traded value on ready counter declined to Rs 5.621 billion against previous day’s Rs 8.011 billion.

BRIndex100 lost 17.45 points or 0.38 percent to close at 4,605.76 points with total daily turnover of 164.237 million shares.

BRIndex30 decreased by 141.12 points or 0.82 percent to close at 17,018.77 points with total daily trading volumes of 103.195 million shares.

PSX stays bearish

Foreign investors also remained net sellers of shares worth $172,746. Total market capitalization declined by Rs 43 billion to Rs 7.618 trillion. Out of total 311 active scrips, 198 closed in negative and only 92 in positive while the value of 21 stocks remained unchanged.

Lotte Chemical was the volume leader with 19.980 million shares and gained Rs 0.86 to close at Rs 19.78 followed by Cnergyico PK that inched up by Rs 0.19 to close at Rs 6.50 with 19.858 million shares. Pak Refinery increased by Rs 0.88 to close at Rs 16.03 with 12.900 million shares.

Colgate Palmolive and Indus Motor Co were the top gainers increasing by Rs 35.00 and Rs 8.21 respectively to close at Rs 2335.00 and Rs 1348.96 while Nestle Pakistan and Mari Petroleum were the top losers declining by Rs 99.00 and Rs 29.47 respectively to close at Rs 5501.00 and Rs 1701.36.

An analyst at Arif Habib Limited said that the market remained under pressure due to further depreciation of the PKR against the US dollar and concerns over spikes in Market Treasury Bill yields.

Despite opening in the green zone KSE-100 Index failed to sustain the positive zone as profit taking was observed. In the last trading hour rally was witnessed in the refinery sector as PRL announced tremendous financial results beating analyst expectations.

Sectors contributing to the performance include Banks (down 61.8 points), E&P (down 37.3 points), Fertilizer (down 35.3 points), Cement (down 34.7 points) and Technology (down 32.1 points).

BR Automobile Assembler Index lost 23.67 points or 0.24 percent to close at 9,668.23 points with total turnover of 672,952 shares.

BR Cement Index decreased by 46.4 points or 0.89 percent to close at 5,164.14 points with 12.315 million shares.

BR Commercial Banks Index declined by 58.01 points or 0.57 percent to close at 10,034.32 points with 8.808 million shares.

BR Power Generation and Distribution Index fell by 32.1 points or 0.55 percent to close at 5,813.84 points with 7.937 million shares.

BR Oil and Gas Index inched down by 33.21 points or 0.86 percent to close at 3,818.18 points with 4.243 million shares.

BR Tech. & Comm. Index closed at 3,758.94 points, down 34.32 points or 0.9 percent with 27.839 million shares.

Neelam Naz at JS Global Capital said that the benchmark KSE-100 Index witnessed another downward spell as selling continued across the board. The index managed to close at 45,653, down 290 points. Total traded volume stood at 186 million shares where LOTCHEM (up 4.5 percent), CNERGY (up 3.0 percent), PRL (up 5.8 percent), HUMNL (up 2.2 percent) and GGL (up 0.2 percent) were the major contributors.

PKR/USD further weakened by 0.6 percent during the day, whereas T-Bill yields increased by 70bps in Wednesday’s auction. Both these developments also dampened investor sentiments.

Copyright Business Recorder, 2022

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