KARACHI: Prevailing political uncertainty, depreciating Pak rupee against US dollar and delay in IMF programme invited panic selling on Pakistan Stock Exchange on Monday and forced the market to close in deep red with heavy losses.
The market opened in negative zone and remained under severe selling pressure throughout the day.
The benchmark KSE-100 index plunged by 819.14 points or 1.88 percent and closed below 43,000 psychological-level at 42,667.32 points. During the session, the index hit 42,373.14 points intra-day low.
Trading activities however improved as total daily volumes on ready counter increased to 250.446 million shares as compared to 208.112 million shares traded on previous session while total daily traded value on ready counter increased to Rs 8.908 billion against previous day’s Rs 6.972 billion.
BRIndex100 decreased by 97.08 points or 2.25 percent to close at 4,219.63 points with total daily turnover of 232.034 million shares.
BRIndex30 declined by 621.86 points or 4.15 percent to close at 14,379.58 points with total daily trading volumes of 137.885 million shares.
The foreign investors also remained on selling sides of shares worth $1.694 million. Total market capitalization declined by Rs 123 billion to Rs 7.076 trillion. Out of total 340 active scrips, 263 closed in negative and only 63 in positive while the value of 14 stocks remained unchanged.
Lotte Chemical was the volume leader with 18.143 million shares and increased by Rs 1.16 to close at Rs 27.00 followed by Pak Refinery that closed at Rs 14.84, down Re 0.57 with 18.068 million shares. Cnergyico PK lost Re 0.31 to close at Rs 5.18 with 14.168 million shares.
Sapphire Fiber and Premium Textile were the top gainers increasing by Rs 52.89 and Rs 34.00 respectively to close at Rs 964.89 and Rs 750.00 while Rafhan Maize and Bata Pak were the top losers declining by Rs 660.93 and Rs 100.00 respectively to close at Rs 10,089.07 and Rs 2000.00.
An analyst at Arif Habib Limited said the benchmark KSE-100 index witnessed a bloodbath session. Selling spree continued across the board which pulled the market in the deep red zone as prevailing political uncertainty and Pak rupee depreciation against USD stripped investors’ confidence which translated into panic selling. Main board activity remained dull whereas, hefty volumes were observed in the third tier stocks.
Sectors contributing to the performance include Banks (down 171.9 points), Cements (down 125.1 points), E&P (down 110.1 points) and Technology (down 108.1 points).
BR Automobile Assembler Index lost 109.44 points or 1.13 percent to close at 9,565.58 points with total turnover of 1.436 million shares.
BR Cement Index plunged by 164.44 points or 3.59 percent to close at 4,416.29 points with 19.804 million shares.
BR Commercial Banks Index decreased by 165.12 points or 1.71 percent to close at 9,500.38 points with 19.145 million shares.
BR Power Generation and Distribution Index fell by 85.63 points or 1.6 percent to close at 5,266.07 points with 9.131 million shares.
BR Oil and Gas Index declined by 89.16 points or 2.39 percent to close at 3,639.19 points with 8.564 million shares.
BR Tech & Comm Index closed at 3,172.44 points, down 146.68 points or 4.42 percent with 46.491 million shares.
An analyst at Topline Securities said that Pakistan equities closed negative where the benchmark KSE-100 Index settled at 42,667 level, down 1.88 percent.
Investors remained confused over political and economic condition as the investors were expecting petroleum price to increase owing to increase in international oil prices coupled with revival of IMF program, which led the market to open on a negative note where market make an intraday low of 1,111 points. Major decliners in the trading session were SYS, LUCK, MEBL, PPL and OGDC.
Copyright Business Recorder, 2022