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KARACHI: Pakistan Stock Exchange Monday remained under selling pressure and closed in negative zone on investor concerns over further depreciation of PKR against the USD and uncertainty on resumption of the IMF programme.

The market opened on a positive note on the back of lower international commodity prices, however, this positivity didn’t sustain at the bourse as investors varied over the continuous PKR depreciation and non-clarity over the IMF programme which forced the market into the negative zone.

The benchmark KSE-100 Index declined by 363.78 points or 0.86 percent to close at 41,776.98 points. The index hit 42,355.83 points intraday high and 41,735.53 points intraday low level.

Trading activity remained thin as total daily volumes on ready counter decreased to 162.112 million shares as compared to 282.931 million shares traded on Friday while total daily traded value on ready counter declined to Rs 4.910 billion against previous session’s Rs 9.059 billion.

BRIndex100 decreased by 45.76 points or 1.09 percent to close at 4,140.28 points with total daily turnover of 144.404 million shares.

BRIndex30 plunged by 245.77 points or 1.63 percent to close at 14,844.70 points with total daily trading volumes of 113.376 million shares.

Foreign investors also remained net sellers of shares worth $1.091 million. Total market capitalization declined by Rs 42 billion to Rs 6.960 trillion. Out of total 318 active scrips, 220 closed in negative and only 87 in positive while the value of 11 stocks remained unchanged.

TPL Properties was the volume leader with 19.495 million shares and gained Rs 0.28 to close at Rs 19.75 followed by WorldCall Telecom that lost Rs 0.04 to close at Rs 1.41 with 15.351 million shares. Pak Refinery closed at Rs 17.69, down Rs 0.22 with 11.823 million shares.

Rafhan Maize and Allawasaya Textile were the top gainers increasing by Rs 459.67 and Rs 73.78 respectively to close at Rs 10,359.67 and Rs 1,320.00 while Unilever Foods and Indus Motor Co were the top losers declining by Rs 150.00 and Rs 38.37 respectively to close at Rs 25,650.00 and Rs 1,148.22.

An analyst at Arif Habib Limited said that the market observed a negative session as the US dollar continued its flight against PKR. Investor’s participation lingered in the lackluster zone over concerns of resumption of IMF program. Volumes remained dry in the main board whereas hefty volumes were witnessed in the 3rd tier stocks.

Sectors contributing to the performance include Cement (down 70.7 points), Technology (down 62.7 points), Power (down 50.7 points), Banks (down 37.1 points) and E&P (down 32.9 points).

BR Automobile Assembler Index lost 18.27 points or 0.18 percent to close at 9,927.12 points with total turnover of 651,632 shares.

BR Cement Index plunged by 89.3 points or 2.13 percent to close at 4,112.68 points with 6.860 million shares.

BR Commercial Banks Index inched down by 38.14 points or 0.43 percent to close at 8,786.00 points with 9.406 million shares.

BR Power Generation and Distribution Index declined by 104.65 points or 1.91 percent to close at 5,364.09 points with 4.371 million shares.

BR Oil and Gas Index fell by 24.56 points or 0.64 percent to close at 3,827.80 points with 10.839 million shares.

BR Tech. & Comm. Index decreased by 74.72 points or 2.27 percent to close at 3,211.63 points with 32.590 million shares.

An analyst at Topline Securities said that Pakistan equities closed on a negative note where benchmark KSE-100 Index settled at 41,777, down 0.86 percent). The day kicked off on a positive note where KSE-100 Index made an intraday high of 217 points on the back of lower international commodity prices.

However, this positivity didn’t sustain at the bourse as investors varies over continues PKR depreciation and clarity over IMF program which led the KSE-100 index to make intraday low of 401 points.

HUBC, SYS, LUCK, TRG and BAHL were the major decliners in the trading session cumulatively dented 149 points from KSE-100 Index.

Copyright Business Recorder, 2022

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