Equities plummet

KARACHI: Pakistan Stock Exchange Tuesday witnessed a volatile session and after moving in both directions, the market closed in deep red due to heavy selling in almost all sectors.

The market opened on the positive note but failed to sustain the green zone due to 6M Kibor reaching a 13-year high of 14.10 percent which pulled the market down giving bears an upper hand in the market, experts said.

The benchmark KSE-100 Index declined by 255.57 points or 0.55 percent and closed below 46,000 crucial level at 45,817.68 points. During the session, the KSE-100 Index hit 46,183.14 points intraday high and 45,779.50 points intraday low.

KSE-100 falls below 46,000-point mark after 0.55% decrease

Trading activity remained thin as daily volumes on the ready counter decreased to 210.202 million shares as compared to 368.830 million shares traded Monday while total daily traded value declined to Rs 6.226 billion against previous day’s Rs 9.663 billion.

BRIndex100 lost 35.22 points or 0.75 percent to close at 4,633.71 points with total daily turnover of 196.797 million shares.

BRIndex30 decreased by 305.53 points or 1.78 percent to close at 16,855.47 points with total daily trading volumes of 133.757 million shares.

Foreign investors also remained net sellers of shares worth $478,749. The market capitalization declined by Rs 44 to Rs 7.631 trillion. Out of total 324 active scrips, 211 closed in negative and only 90 in positive while the value of 23 stocks remained unchanged.

G3 Technologies was the volume leader with 18.853 million shares and gained Rs 0.65 to close at Rs 11.72 followed by Lotte Chemical that increased by Rs 1.53 to close at Rs 21.96 with 17.917 million shares. Hum Network lost Rs 0.25 to close at Rs 8.26 with 14.295 million shares.

Nestle Pakistan and Bhanero Textile were the top gainers increasing by Rs 149.99 and Rs 100.00 respectively to close at Rs 5,849.99 and Rs 1,470.00 while Colgate Palmolive and Bata Pak were the top losers declining by Rs 66.66 and Rs 54.99 respectively to close at Rs 2,155.56 and Rs 2,245.00.

An analyst at Arif Habib Limited said that the PSX witnessed a volatile secession. The KSE-100 Index opened on the positive note but failed to sustain the green zone due to 6M KIBOR reaching a 13 year high of 14.10 percent which pulled the market down towards the red zone giving the bears an upper hand in the market. The session remained dull although hefty volumes were observed in the 3rd tier stocks.

Sectors contributing to the performance include E&P (down 64.6 points), Technology (down 38.7 points), Power (down 36.03 points), and Cement (down 33.2 points).

BR Automobile Assembler Index decreased by 94.51 points or 0.97 percent to close at 9,633.32 points with total turnover of 648,762 shares.

BR Cement Index fell by 48.05 points or 0.93 percent to close at 5,091.40 points with 9.504 million shares.

BR Commercial Banks Index lost 10.57 points or 0.1 percent to close at 10,102.86 points with 14.336 million shares.

BR Power Generation and Distribution Index plunged by 87.42 points or 1.49 percent to close at 5,769.35 points with 8.153 million shares.

BR Oil and Gas Index declined by 52.24 points or 1.34 percent to close at 3,840.80 points with 3.583 million shares.

BR Tech. & Comm. Index closed at 3,804.28 points, down 54.8 points or 1.42 percent with 54.141 million shares.

An analyst at Topline Securities said that Pakistan equities closed negative where benchmark KSE100 Index settled at 45,817 level, down 0.55 percent. After a slight positive opening, the market traded sideways where KSE-100 Index made an intraday low of 290 points as investors’ concerns over ongoing EFF program.

Copyright Business Recorder, 2022