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KARACHI: Pakistan Stock Exchange on Monday witnessed a bloodbath due to high inflationary and post-budget concerns.

The market closed in deep red with heavy losses as investors were unable to digest the ‘adverse’ measures announced in the budget. Moreover, Pak rupee continued to decline against the US dollar.

The benchmark KSE-100 Index plunged by 1,134.80 points or 2.70 percent and closed below 41,000 crucial level at 40,879.93 points. During the session, the index hit 42,069.65 points intra-day high and 40,833.50 points intra-day low level.

The daily trading volumes on ready counter increased to 163.793 million shares as compared to 115.874 million shares traded on Friday while total daily traded value increased to Rs 4.352 billion against previous session’s Rs 3.069 billion.

PSX witnesses range-bound activity

BRIndex100 decreased by 136.98 points or 3.29 percent to close at 4,024.31 points with total daily turnover of 146.310 million shares.

BRIndex30 declined by 451.79 points or 3.01 percent to close at 14,545.14 points with total daily trading volumes of 98.858 million shares.

Foreign investors also remained net sellers of shares worth $352,437. Total market capitalization declined by Rs 178 billion and stood at Rs 6.843 trillion. Out of total 331 active scrips, 263 closed in negative and only 50 in positive while the value of 18 stocks remained unchanged.

Hum Network was the volume leader with 24.561 million shares and gained Rs 0.04 to close at Rs 7.08 followed by Cnergyico PK that lost Rs 0.15 to close at Rs 5.11 with 6.893 million shares. K-Electric closed at Rs 2.55, down Rs 0.07 with 6.527 million shares.

Millat Tractors and Al-Ghazi Tractors were the top gainers increasing by Rs 11.89 and Rs 11.66 respectively to close at Rs 876.94 and Rs 390.00 while Unilever Foods and Sapphire Textile were the top losers declining by Rs 1800.00 and Rs 78.83 respectively to close at Rs 23000.00 and Rs 1095.67.

An analyst at Arif Habib Limited said that PSX witnessed a bloodbath session due to high inflationary and post-budget concerns. The KSE-100 Index plunged by over 1,179 points as investors were unable to digest the adverse measures announced in the budget. Moreover, Pak rupee continued to decline against US dollar.

Banking sector stayed in the red zone due to harsh taxation imposed in the budget. Institutional investors remained on the sell-side due to redemptions arising from the mutual funds.

Sectors contributing to the performance include Banks (down 481.9 points), E&P (down 134.9 points), Cement (down 97.5 points), Technology (down 96.6 points) and Fertilizer (down 74.9 points). Stocks that contributed significantly to the volumes are HUMNL, CNERGY, KEL, UNITY and PRL.

BR Automobile Assembler Index gained 24.37 points or 0.25 percent to close at 9,861.58 points with total turnover of 623,243 shares.

BR Cement Index declined by 126.43 points or 3.08 percent to close at 3,977.44 points with 10.743 million shares.

BR Commercial Banks Index plunged by 464.11 points or 5.11 percent to close at 8,615.98 points with 14.958 million shares.

BR Power Generation and Distribution Index decreased by 124.4 points or 2.32 percent to close at 5,231.09 points with 7.966 million shares.

BR Oil and Gas Index fell by 97.44 points or 2.61 percent to close at 3,641.34 points with 9.572 million shares. BR Tech. & Comm. Index closed at 3,206.81 points, down 111.4 points or 3.36 percent with 45.332 million shares.

Mubashir Anis Naviwala at JS Global Capital said that a bloodbath was witnessed at the local bourse as the KSE-100Index lost 1,135 points to close at 40,880 points. Traded volume stood at 164 million shares where HUMNL (up 0.6 percent), CNERGY (down 2.9 percent), KEL (down 2.7 percent), UNITY (down 1.8 percent) and PRL (down 2.7 percent) were the volume leaders.

Copyright Business Recorder, 2022

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