KARACHI: Pakistan Stock Exchange Wednesday witnessed bloodbath due to political uncertainty after announcement of a long march against the government by PTI.
The market opened in negative zone and after remaining under pressure throughout the session and closed in deep red.
The benchmark KSE-100 Index plunged by 650.00 points or 1.54 percent and closed below 42,000 psychological level at 41,540.03 points. The index hit 41,488.81 points intraday low.
Due to across-the-board heavy selling pressure, daily trading volumes on ready counter increased to 265.421 million shares as compared to 195.400 million shares traded Tuesday while total daily traded value on the ready counter increased to Rs 7.713 billion against previous session’s Rs 6.242 billion.
BRIndex100 decreased by 83.31 points or 1.98 percent to close at 4,131.92 points with a daily turnover of 216.939 million shares.
BRIndex30 declined by 558.82 points or 3.56 percent to close at 15,121.54 points with total daily trading volumes of 155.768 million shares.
Foreign investors however remained on the buying side with fresh net inflow of $496,232. The market capitalization declined by Rs 80 billion to Rs 6.744 trillion. Out of total 322 active scrips, 261 closed in negative and only 52 in positive while the value of 9 stocks remained unchanged.
WorldCall Telecom was the volume leader with 35.392 million shares however lost Rs 0.13 to close at Rs 1.42 followed by G3 TechClassBR that closed at Rs 0.02, down Rs 0.29 with 14.521 million shares. K-Electric inched down by Rs 0.11 to close at Rs 2.79 with 12.333 million shares.
Rafhan Maize and Sanofi-Aventis were the top gainers increasing by Rs 800.00 and Rs 54.90, respectively to close at Rs 11,480.00 and Rs 1,124.90 while Reliance Cotton and Mari Petroleum were the top losers declining by Rs 29.00 and Rs 28.84, respectively to close at Rs 510.00 and Rs 1,680.00.
An analyst at Arif Habib Limited said that the PSX nosedived as a bloodbath was witnessed. After the former prime minister unveiled his plans for the long march, investor confidence was shaken, and the market fell to an intraday low of 699.90 points right from the start of the trading day. Volumes recorded in the main board were decent as 3rd tier stocks continued to remain in the limelight.
Sectors contributing to the performance include Cement (down 103.4 points), Technology and Communication (down 89.7 points), E&P (down 81.2 points), Power Generation and Distribution (down 77.2 points) and Fertilizer (down 53.6 points).
BR Automobile Assembler Index declined by 222.98 points or 2.4 percent to close at 9,064.37 points with total turnover of 3.642 million shares.
BR Cement Index fell by 130.44 points or 2.85 percent to close at 4,452.67 points with 14.749 million shares.
BR Commercial Banks Index lost 39.98 points or 0.49 percent to close at 8,162.61 points with 14.741 million shares.
BR Power Generation and Distribution Index decreased by 219.06 points or 3.21 percent to close at 6,596.64 points with 24.132 million shares.
BR Oil and Gas Index closed at 3,704.79 points, down 70.08 points or 1.86 percent with 21.470 million shares.
BR Tech. & Comm. Index plunged by 131.91 points or 3.08 percent to close at 4,148.11 points with 71.797 million shares.
An analyst at Topline Securities said that Pakistan equities witnessed a bearish trend where the benchmark KSE-100 Index settled at 41,540 level, down 1.54 percent.
The day kicked off on a negative note where KSE-100 Index made an intraday low of 699 points as Imran Khan Chairman PTI announced that his long march would start from Lahore on upcoming Friday 28th October, 2022. Major decliner in the trading session was TRG dented 89 points from KSE-100 Index where the stock close at its lower limit down 7.5 percent.
Copyright Business Recorder, 2022
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