KARACHI: Pakistan Stock Exchange (PSX) witnessed a bearish session on Tuesday due to rising political uncertainty and record slump in rupee.
The market was remained under pressure throughout the day and the benchmark KSE-100 index lost 978 points and finally closed at 40,389 points on Tuesday compared to 41,367 points on Monday. During the session, the KSE-100 index also hit 41,551.68 points intra-day high and 40,215 points intra-day low level.
On Tuesday, BRIndex100 declined by 116.03 points or 2.83 percent to close at 3,980.67 points down from 4,096.70 points. It touched an intraday high of 4,120.91 points and an intraday low of 3,958.92 points with total volume of 174.881 million shares. K-Electric Ltd was the most traded company in BRIndex100 with a volume of 19.619 million shares.
BRIndex30 opened at 15,018.56 and closed at 14,506.22 points, which was 512.34 points or 3.41 percent lower than previous close. Total volume was 124.666 million shares. It touched an intraday high of 15,118 points and an intraday low of 14,452 points.
Analysts said that on Tuesday’s session bloodbath was witnessed at the bourse where benchmark KSE100 index down by 2.36 percent. After a sideways opening market witnessed a selling spree across the board over uncertain political and economic conditions and a freefall of PKR, where PKR hits historic low of Rs 225 against dollar in interbank, they added.
The market capitalization declined by Rs 137 billion to Rs 6.808 trillion on Tuesday from Rs 6.946 trillion on Monday. Due to selling pressure daily volumes on ready counter increased by 29 percent from 151 million shares to 195 million shares. Out of total 339 active scrips, 285 closed in negative and only 46 in positive while the value of 8 stocks remained unchanged.
K-Electric Ltd was the volume leader with 19.619 million shares and closed at Rs 3.02 followed by WorldCall Telecom that closed at Rs 1.25 with 17.677 million shares. Cnergyico PK ranked third with 9.9 million shares and closed at Rs 5.02.
Aallawasaya Tex and Nestle Pakistan were the top gainers increasing by Rs 176.25 and Rs 37.50 respectively to close at Rs 2,526.25 and Rs 5,980.00, while Mehmood Tex and Premium Tex were the top losers declining by Rs 54.95 and Rs 63.74 respectively to close at Rs 700.05 and Rs 786.25. BR Automobile Assembler Index decreased by 159.73 points or a percentage change of 1.64 to close at 9,558.53 points with a total turnover of 781,861. BR Cement Index Closed at 3,798.68 points with a net negative change of -132.85 points or a percentage change of -3.38 and a total turnover of 12.44 million.
BR Commercial Banks Index lost 224.15 points or 2.6 percent to close at 8,393.17 points with a total turnover of 9.681 million shares. BR Power Generation and Distribution Index closed at 5,438.51 points with a net negative change of 140.62 points or 2.52 percent with a total turnover of 24.292 percent.
BR Oil and Gas Index also declined by 109.35 points or 2.84 percent to 3,736.63 points and its turnover was 19.136 million shares. BR Tech & Comm Index closed at 3,278.98 points, down by 61.1 points with a total turnover of 30.371 points.
Analysts Ahsan Mehanti said that stocks closed bearish after Fitch ratings downgrades Pakistan outlook to negative amid significant deterioration in external liquidity and financing conditions affirming B-ratings on external vulnerability, narrow fiscal revenue and low governance.
Record slump in rupee continues to trigger institutional selling playing catalyst role in record fall at PSX in the earnings season, he added.
Copyright Business Recorder, 2022
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